John Horst, Barry Ezell
Key Performance Indicators (KPIs) are part of a lifecycle because KPIs are continuously defined, redefined, and are even sometimes abandoned. Explicitly defining a KPI lifecycle provides an impetus for the development of methods and tools that enhance performance.
Key Performance Indicators (KPIs) have a lifecycle with a similarly cyclic pattern: from definition to collection to set composition to implementation to assessment and back to definition. Manufacturers who use KPIs naturally implement this lifecycle, but there is some real value to clearly and carefully articulate the elements of the lifecycle.