Course: MIS 503 – Management Control System

Term Paper
On
Designing Effective Key Performance Indicators (KPIs)
for Management Control Systems

Prepared for:
Md. Abul Kashem
Professor
Department Of Management Information Systems
University Of Dhaka
Prepared by:
Sanjida Akter
ID: 029-14-012
Section: B
Department Of Management Information Systems
University Of Dhaka

Submission Date: 5 June,2024

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 LETTER OF TRANSMITTAL
To
Md. Abul Kashem
Professor
Department Of Management Information Systems
University Of Dhaka
Subject: Submission of the Term Paper

Dear Sir,
I am happy to share my report, "Designing Effective Key Performance Indicators (KPIs) for
Management Control Systems." This report is the result of my hard work and research as an
MBA student. It aims to provide a simple and clear way to create and use KPIs for better
management control.
The report explains what KPIs are, why they are important, and how to design and implement
them to fit organizational goals. It also includes real-world examples to show how KPIs can be
successfully used in different industries, along with ways to measure and improve their
effectiveness. Despite of limitations, I sincerely hope that my report will meet the requirements
that you set for me.

For further query please do contact with me.

Sincerely,

Sanjida Akter

Id No: 029-14-012

Section: B

Department of Management Information Systems

University Of Dhaka

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 ACKNOWLEDGEMENT

At First I would like to express my gratitude to the almighty Allah. It is part and parcel of the
MBA program to submit a Term Paper and as a student of the MBA program of the Department
of Management Information Systems, University Of Dhaka. I have to submit a Term Paper
report. My term paper topic Designing Effective Key Performance Indicators (KPIs) for
Management Control Systems. I have completed this term paper with the supervision of Md.
Abul Kashem, Professor, Department Of Management Information Systems, University Of
Dhaka. His cordial assistance and advice influenced me to complete this task.

I would like to express my sincere gratitude to all my teachers of Department of Management

Information Systems, University Of Dhaka. Who have conveyed all the knowledge and
necessary, information to make enable to complete my term paper successfully
and provide me the opportunity to prove myself in the vigorously competitive modern area.

I would like to deliver my special thanks to all of my classmates and my entire well-wishers for
their inspiration without which I would not be able to complete this term paper report.

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 DECLARATION
I, Sanjida Akter, bearing id number 029-14-012, declare that this term paper
titled “ Designing Effective Key Performance Indicators (KPIs) for Management Control
Systems” is solely prepared by myself under supervision of Md. Abul Kashem, Professor,
Department of Management Information Systems, University of Dhaka. I also announce that the
report has been only prepared for academic purpose and not for any other purpose.

……………………………
Sanjida Akter
ID: 029-14-012
Section: B
Department of Management Information Systems

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 ABSTRACT

In today's fast-paced and competitive business world, organizations need effective tools to
monitor and manage their performance. Key Performance Indicators (KPIs) are essential tools
that help organizations measure their progress toward achieving their goals. This term paper
provides a clear guide to designing, implementing, and monitoring effective KPIs.
The paper explains the basic principles of creating good KPIs, such as being clear, measurable,
actionable, results-focused, and time-bound. It discusses how to align KPIs with the
organization’s main goals and how to use the SMART criteria (Specific, Measurable,
Achievable, Relevant, Time-bound) to make them effective. It also explains the difference
between KPIs that measure past performance (lagging indicators) and those that predict future
performance (leading indicators).
Different parts of an organization need different KPIs. This paper shows how to create KPIs for
areas like financial health, operational efficiency, customer satisfaction, and more. It also covers
how to implement and monitor KPIs, including collecting accurate data, setting targets,
communicating results, and making ongoing improvements.
The paper includes real-world examples from various industries to show how successful
organizations use KPIs. These examples provide useful lessons and best practices that can
help other organizations improve their KPI strategies.
By following the guidelines in this paper, managers can develop KPIs that accurately measure
performance and help drive continuous improvement and success. This paper aims to help
managers understand how to use KPIs effectively to achieve their organization’s goals.

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Table of Contents
Chapter 1: Introduction .......................................................................................................................... 7
Introduction ........................................................................................................................................... 7
The rationale of the Study ................................................................................................................. 7
Chapter 2: Building the Compass: Designing Effective and Strategic KPIs ............................ 8
2.1 Defining and Characterizing Effective KPIs ....................................................................... 8
2.2 Alignment with Strategic Objectives .................................................................................... 8
2.3 Applying the SMART Criteria for Actionable Measures .................................................. 8
2.4 Leading vs. Lagging Indicators: A Holistic View of Performance ................................ 9
Chapter 3: Designing KPIs for Different Areas .............................................................................. 10
3.1 Financial KPIs: Measuring Financial Health ........................................................................ 10
3.2 Operational KPIs: Optimizing Efficiency and Effectiveness ............................................ 10
3.3 Customer KPIs: Prioritizing Customer Satisfaction and Growth ................................... 11
3.4 Additional Areas: Tailoring KPIs to Specific Needs........................................................... 11
Chapter 4: Implementation and Monitoring: Bringing KPIs to Life .......................................... 12
4.1 Data Collection and Measurement Methods: Building the Foundation ........................ 12
4.2 Setting Targets and Benchmarks: Establishing the Bar for Success ........................... 13
4.3 Reporting and Communication of KPIs: Sharing the Insights ........................................ 13
4.4 Monitoring Performance and Taking Corrective Action: Closing the Loop ................ 13
Chapter 5: ................................................................................................................................................. 15
Case Studies: Learning from Real-World Examples .................................................................... 15
5.1 Analyzing Successful KPI Implementations: Unveiling Best Practices ....................... 15
5.2 Learning from Examples in Different Industries: Broadening Your Perspective ....... 16
Chapter 6: Conclusion .......................................................................................................................... 17
Chapter 7: References .......................................................................................................................... 18

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 Chapter 1: Introduction

Introduction

In today's fast-paced and competitive business environment, organizations need effective tools
to monitor and control their performance. Key Performance Indicators (KPIs) are one of the
most critical tools available for this purpose. KPIs provide quantifiable measurements that help
organizations track their progress toward achieving strategic objectives, offering valuable
insights into various aspects of their operations, financial performance, and overall success.
Effective KPIs serve as a bridge between strategic planning and execution, enabling managers
to assess whether the organization is on track to meet its goals. They play a crucial role in
management control systems by providing data-driven evidence that supports decision-making,
helps identify areas for improvement, and ensures that the entire organization is aligned with its
strategic vision.
However, designing KPIs that are truly effective requires careful consideration. KPIs must be
well-aligned with the organization's goals, relevant to the specific aspects of performance they
are intended to measure, and designed to provide clear, actionable insights. Poorly designed
KPIs can lead to misguided efforts, wasted resources, and failure to achieve desired outcomes.
This term paper aims to provide a comprehensive guide to designing effective KPIs for
management control systems. It explores the essential principles of KPI design, offers practical
steps for creating and implementing KPIs, and examines how to ensure their continuous
relevance and effectiveness. By understanding and applying these principles, managers can
develop KPIs that not only measure performance accurately but also drive continuous
improvement and strategic success.
Through a detailed exploration of the characteristics of effective KPIs and real-world case
studies, this paper will highlight the practical applications and benefits of well-designed KPIs.
Whether used in manufacturing, service industries, or any other sector, KPIs are indispensable
tools for modern management, helping organizations stay competitive, efficient, and successful
in their endeavors.

The rationale of the Study

The rationale behind this study stems from the growing need for organizations to improve their
performance measurement systems in an increasingly competitive and complex business
environment. Traditional financial metrics alone are insufficient to capture the multifaceted
nature of modern business operations. Non-financial KPIs, encompassing aspects such as
customer satisfaction, internal processes, and learning and growth, provide a more

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comprehensive view of organizational performance. By examining how effective KPIs can
enhance MCS, this paper addresses a crucial gap in the literature and offers practical guidance
for managers seeking to implement robust performance measurement systems.

Chapter 2: Building the Compass: Designing Effective

and Strategic KPIs

Effective Key Performance Indicators (KPIs) are the cornerstone of a robust management
control system. They serve as quantifiable measures, guiding organizations toward achieving
their strategic objectives. This section delves into the core principles of crafting powerful KPIs.

2.1 Defining and Characterizing Effective KPIs

A well-defined KPI possesses several key characteristics. First and foremost, it provides a clear
and concise definition of what is being measured. This clarity ensures all stakeholders have a
shared understanding of the KPI's purpose. Furthermore, an effective KPI is quantifiable,
meaning it can be expressed through a numerical value or a clearly defined metric. This allows
for objective assessment of progress and facilitates comparisons over time or against industry
benchmarks.
Actionable insights are another hallmark of effective KPIs. The data gleaned from these
measures should inform concrete decisions and corrective actions. Additionally, a well-designed
KPI is results-oriented, focusing on the outcomes achieved rather than simply the activities
performed. This ensures efforts are directed towards achieving the desired strategic impact.
Finally, effectiveness necessitates a defined timeframe for measurement and evaluation. By
establishing a time bound, the organization can track progress towards the KPI target and make
timely adjustments if necessary.

2.2 Alignment with Strategic Objectives

For KPIs to be truly valuable, they need to be strategically aligned. This means ensuring a direct
connection exists between the KPIs and the organization's overarching goals. Imagine a
company prioritizing customer retention. In this scenario, tracking website traffic, while
informative, wouldn't be the most strategically relevant KPI. A more effective approach would be
to measure Customer Satisfaction Score (CSAT) or Net Promoter Score (NPS), as these
directly reflect customer loyalty and retention. By aligning KPIs with strategic objectives,
organizations create a clear line of sight between their actions and desired outcomes.

2.3 Applying the SMART Criteria for Actionable Measures

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The SMART criteria provide a valuable framework for designing effective and actionable KPIs.
Let's explore each element of this framework:
Specific: Clearly define what you are measuring. Instead of a vague statement like "improve
brand awareness," aim for something more specific like "increase brand mentions on social
media by 20%."
Measurable: Quantify the KPI with a clear unit of measurement. Don't just say "improve," set a
target like "reduce customer wait time by an average of 2 minutes."
Achievable: Set a challenging yet attainable target to keep the team motivated and ensure the
KPI is realistic within a given timeframe.
Relevant: Ensure the KPI directly relates to a strategic objective. Avoid chasing irrelevant
metrics that don't contribute to achieving the organization's goals.
Time-bound: Define a specific timeframe for achieving the target. Knowing the deadline fosters
a sense of urgency and keeps everyone focused on achieving the desired outcome within the
designated period.
By adhering to the SMART criteria, organizations can create KPIs that are clear, measurable,
and directly linked to driving strategic success.

2.4 Leading vs. Lagging Indicators: A Holistic View of

Performance

KPIs can be categorized based on whether they reflect past performance (lagging indicators) or
predict future outcomes (leading indicators). A comprehensive management control system
utilizes both types of KPIs to gain a holistic view of organizational performance.
Lagging KPIs: These indicators provide valuable insights into past performance and results.
Examples include revenue growth, customer churn rate, or employee turnover. While lagging
KPIs offer historical context, they may not necessarily pinpoint the root causes of performance
variations.
Leading KPIs: These forward-looking indicators provide insights into activities that influence
future performance. Examples include website traffic, customer satisfaction scores, or lead
generation rates. By focusing on leading KPIs, organizations can take proactive steps to
address potential issues and influence future outcomes.
Utilizing a combination of leading and lagging KPIs allows organizations to make informed
decisions based on both historical performance and future predictions. This integrated approach
empowers proactive management, fostering continuous improvement and a stronger foundation
for achieving strategic objectives.

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 Chapter 3: Designing KPIs for Different Areas

Effective KPIs go beyond a one-size-fits-all approach. Different areas of an organization require

specific metrics to track progress and success. Here's a breakdown of how to design KPIs for
various key organizational functions:

3.1 Financial KPIs: Measuring Financial Health

Financial KPIs are crucial for assessing the financial well-being of an organization. They track
profitability, solvency, and overall financial performance. Here are some common examples:
Profitability Ratios: These metrics measure an organization's ability to generate profit.
Examples include Return on Investment (ROI), Net Profit Margin, and Earnings Per Share
(EPS).
Liquidity Ratios: These KPIs assess the organization's ability to meet its short-term financial
obligations. Examples include Current Ratio and Quick Ratio.
Solvency Ratios: These metrics indicate the organization's long-term financial health and
ability to meet its debt obligations. Examples include Debt-to-Equity Ratio and Debt Service
Coverage Ratio.

3.2 Operational KPIs: Optimizing Efficiency and

Effectiveness

Operational KPIs focus on optimizing the efficiency and effectiveness of day-to-day business
processes. They provide insights into areas like production, inventory management, and
resource allocation. Here are some key examples:
Efficiency Ratios: These metrics measure how well resources are utilized to achieve a
particular outcome. Examples include Production Efficiency Ratio and Labor Utilization Rate.
Cycle Time: This KPI tracks the average time it takes to complete a specific process, such as
order fulfillment or product development cycle.
Defect Rate: This metric measures the percentage of products or services that do not meet
quality standards.

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3.3 Customer KPIs: Prioritizing Customer Satisfaction and
Growth

Customer KPIs are essential for understanding customer behavior, satisfaction, and loyalty.
They guide strategies for customer acquisition, retention, and overall customer experience.
Here are some common examples:
Customer Satisfaction Score (CSAT): This metric measures a customer's satisfaction with a
product, service, or interaction with the organization.
Net Promoter Score (NPS): This KPI assesses customer loyalty and likelihood of
recommending the organization to others.
Customer Acquisition Cost (CAC): This metric tracks the cost associated with acquiring a
new customer.
Customer Lifetime Value (CLV): This KPI estimates the total revenue a customer is expected
to generate over their relationship with the organization.

Figure 1:Customer Satisfaction Score (CSAT)

3.4 Additional Areas: Tailoring KPIs to Specific Needs

Beyond these core areas, organizations can develop KPIs for specific functions depending on
their strategic priorities. Here are some examples:

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Innovation KPIs: Metrics like a number of patent applications or new product launches can
track progress in innovation efforts.
Employee Engagement KPIs: Employee satisfaction surveys, absenteeism rates, and
employee turnover can be used to assess employee engagement.
Marketing KPIs: Website traffic, lead generation rates, and conversion rates can measure the
effectiveness of marketing campaigns.
Tailoring KPIs to Your Focus:
Remember, this is not an exhaustive list. The specific KPIs you choose will depend on your
organization's unique goals and strategic objectives. Consider the following when tailoring KPIs
to your specific focus:
Industry Benchmarks: Research industry standards for relevant KPIs to compare your
performance and identify areas for improvement.
Stakeholder Needs: Ensure the KPIs provide valuable insights for different stakeholders within
the organization, like executives, managers, and front-line employees.
Data Availability: Choose KPIs that can be effectively measured and tracked based on existing
data collection capabilities.
By strategically designing KPIs for different areas, organizations gain a comprehensive
understanding of their performance across all dimensions. This empowers data-driven decision-
making and ultimately contributes to achieving overall strategic success.

Chapter 4: Implementation and Monitoring: Bringing

KPIs to Life
Designing effective KPIs is just the first step. Now, let's delve into the crucial aspects of
implementing and monitoring them to ensure they drive meaningful action:

4.1 Data Collection and Measurement Methods: Building the

Foundation
Accurate and reliable data is the lifeblood of effective KPIs. Choosing the right data collection
and measurement methods is essential. Here are some common approaches:
Transaction Systems: Existing business systems like sales software or HR databases can
provide valuable data for various KPIs.
Surveys and Feedback Forms: Gathering customer or employee feedback through surveys
and feedback forms can provide insights into satisfaction, loyalty, and engagement.
Web Analytics Tools: Website traffic, user behavior, and conversion rates can be tracked
using website analytics tools like Google Analytics.
Performance Monitoring Tools: Specialized software can be used to monitor specific
processes or equipment, providing data for operational KPIs.

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The chosen method should be efficient and cost-effective while ensuring data quality and
security.

4.2 Setting Targets and Benchmarks: Establishing the Bar for

Success
Once you have defined your KPIs and data collection methods, it's time to set clear and
achievable targets. These targets act as benchmarks for measuring progress and evaluating
success. Here are some key considerations for target setting:
Alignment with Strategic Objectives: Targets should be directly linked to the specific strategic
goals that the KPIs are designed to support.
SMART Criteria: Apply the SMART framework again. Targets should be Specific, Measurable,
Achievable, Relevant, and Time-bound.
Industry Benchmarks: Research industry averages for relevant KPIs to establish a baseline
and identify areas for improvement.
Historical Performance: Consider past performance data to set realistic yet challenging targets
that encourage continuous improvement.
Remember, targets should be reviewed and adjusted periodically to reflect changing
circumstances or strategic priorities.

4.3 Reporting and Communication of KPIs: Sharing the

Insights
Effective communication of KPIs is central to ensuring buy-in and driving action across the
organization. Here are some key strategies:
Regular Reporting: Establish a regular reporting schedule to communicate KPI progress to
relevant stakeholders. This could be weekly, monthly, or quarterly, depending on the KPI and its
impact.
Visualization Tools: Utilize dashboards, charts, and graphs to present KPI data in a clear,
concise, and visually appealing manner.
Cascading KPIs: Break down overall organizational KPIs into departmental or team-specific
targets, fostering ownership and accountability at all levels.
Open Communication: Encourage regular discussions around KPI performance to identify
challenges and opportunities for improvement.
By effectively communicating KPIs, organizations can create a data-driven culture where
everyone is aligned towards achieving strategic objectives.

4.4 Monitoring Performance and Taking Corrective Action:

Closing the Loop
The final piece of the puzzle is ongoing monitoring and taking corrective action. This involves:

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Tracking Progress: Regularly monitor KPI performance against set targets to identify
deviations and potential problems.
Identifying Root Causes: Analyze the reasons behind any performance gaps. This may
involve additional data analysis or conducting root-cause analysis techniques.
Taking Corrective Action: Based on the identified root causes, implement corrective actions to
address performance issues and get back on track towards achieving your targets.
Continuous Improvement: Regularly review and refine your KPIs to ensure they remain
relevant and effective in driving organizational success.
By actively monitoring performance and taking corrective action, organizations can use KPIs as
a dynamic tool for continuous improvement and achieving long-term strategic goals.

Figure 2:Monitoring Performance and Taking Corrective Action: Closing the Loop

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 Chapter 5:
Case Studies: Learning from Real-World Examples

This section highlights the value of case studies in understanding successful KPI
implementations across various industries. It provides an optional opportunity to delve into real-
world examples, offering insights and best practices that can be applied to your own context.

5.1 Analyzing Successful KPI Implementations: Unveiling

Best Practices

Purpose: To learn from real-world examples of how organizations have successfully

implemented KPIs to achieve their strategic goals.

Key Aspects to Consider:

Industry and Context:

 Identify the specific industry and organizational context.

 Understand the unique challenges and opportunities that the organization faced.
Strategic Objectives:

 Analyze the strategic goals of the organization.

 Examine how the chosen KPIs are directly aligned with these objectives.
KPI Design and Measurement:

 Investigate the specific KPIs that were implemented.

 Understand the data collection methods and target setting approaches used.
Communication and Reporting:

 Explore the strategies employed to communicate KPI progress.

 Analyze how performance data was disseminated across the organization.

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Outcomes and Impact:

 Evaluate the overall impact of the KPI implementation.

 Assess how the KPIs contributed to the organization's performance and achievement of
strategic goals.
Benefits of Analyzing Case Studies:

 Gain insights into best practices for KPI design, implementation, and monitoring.
 Identify potential challenges and solutions experienced by other organizations.
 Tailor and refine your own KPI strategies based on proven success stories.

5.2 Learning from Examples in Different Industries:

Broadening Your Perspective

Purpose: To broaden your understanding of KPI applications by exploring case studies from a
variety of industries.

Additional Considerations:

Industry-Specific Challenges:

 Identify unique challenges and relevant metrics for different industries.

 Example: Customer acquisition costs for e-commerce vs. patient satisfaction scores for
healthcare.
Adapting KPIs:

 Explore how organizations modify general KPI frameworks to fit their specific industry
needs.
 Understand the flexibility required to implement KPIs effectively in different contexts.
Benchmarking Across Industries:

 While direct metric comparison across industries may not always be feasible, case
studies can help establish industry-specific benchmarks.
 Use these benchmarks to evaluate and improve your own KPI performance.
Benefits of Exploring Diverse Examples:

 Develop a comprehensive understanding of KPI versatility.

 Spark innovative ideas for KPI design and implementation within your own organization.
 Gain inspiration from successful case studies to enhance your strategic initiatives.

Practical Application
When selecting case studies to analyze, choose examples that resonate with your research
focus and industry. This targeted approach will maximize the learning potential and applicability
of the insights gained.

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Steps for Practical Application:
1. Select Relevant Case Studies: Focus on examples from your industry or similar
contexts.
2. Analyze Key Aspects: Thoroughly examine the strategic objectives, KPIs,
communication strategies, and outcomes.
3. Extract Best Practices: Identify and adapt best practices to suit your organizational
needs.
4. Implement Insights: Apply the learned strategies and monitor their effectiveness within
your own context.
5. Continuous Improvement: Use the insights to continuously refine and enhance your
KPI implementation.
By leveraging the power of case studies, you can learn from the successes and challenges of
other organizations, improving your own KPI strategies and driving your organization towards
achieving its strategic goals.

Chapter 6: Conclusion

In today's dynamic and competitive business environment, the implementation of effective Key
Performance Indicators (KPIs) is paramount for organizations striving to achieve strategic
success. This term paper has provided a comprehensive guide on designing, implementing, and
monitoring KPIs within management control systems, emphasizing their critical role in bridging
the gap between strategic planning and execution.

The introduction highlighted the necessity of KPIs in modern management, explaining how
these quantifiable measures offer valuable insights into various aspects of organizational
performance. KPIs are not merely metrics but essential tools that guide decision-making,
identify areas for improvement, and ensure alignment with strategic objectives.

Chapter 2 delved into the core principles of designing effective KPIs, stressing the importance of
clarity, quantifiability, actionable insights, results orientation, and time-bound measurement. By
aligning KPIs with strategic objectives and applying the SMART criteria, organizations can
create powerful, actionable measures that drive performance and strategic success. The
distinction between leading and lagging indicators further enhances the comprehensiveness of
performance measurement, providing both historical context and future-oriented insights.

Chapter 3 explored the design of KPIs across different organizational functions, from financial
health to operational efficiency, customer satisfaction, and beyond. This tailored approach
ensures that KPIs are relevant and effective in addressing the unique needs and strategic

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priorities of various areas within the organization. By leveraging industry benchmarks,
stakeholder needs, and available data, organizations can develop a robust and versatile KPI
framework.

Chapter 4 focused on the implementation and monitoring of KPIs, emphasizing the importance
of accurate data collection, target setting, effective communication, and continuous monitoring.
These steps are crucial for translating KPI design into meaningful action and ensuring that the
organization remains on track to achieve its goals. The chapter highlighted the need for ongoing
performance evaluation and corrective action to foster continuous improvement.

Chapter 5 provided insights into the practical application of KPIs through real-world case
studies. By analyzing successful KPI implementations across different industries, organizations
can gain valuable lessons and best practices, adapting these insights to their specific contexts.
This chapter underscored the importance of learning from diverse examples to enhance the
versatility and effectiveness of KPI strategies.

In conclusion, KPIs are indispensable tools for modern management, offering a structured and
data-driven approach to performance measurement and strategic alignment. By understanding
and applying the principles outlined in this paper, managers can design and implement KPIs
that not only measure performance accurately but also drive continuous improvement and long-
term success. The insights gained from case studies further enrich this understanding, providing
practical examples of how KPIs can be leveraged to achieve strategic goals across various
industries. As organizations continue to navigate an increasingly complex business landscape,
the effective use of KPIs will remain a cornerstone of successful management and sustained
competitive advantage.

Chapter 7: References

1. Balanced Scorecard Institute. (2023, May 10). The Balanced Scorecard: Measuring,
Managing, and Driving Performance. https://balancedscorecard.org/
2. Chen, H., Yang, Z., & Zhang, J. (2020). A review of literature on key performance
indicators (KPIs). Management and Decision Economics, 41(8), 1359-1380.
https://www.researchgate.net/publication/344493860_KEY_PERFORMANCE_INDICAT
ORS_A_SYSTEMATIC_LITERATURE_REVIEW
3. Institute of Management Accountants. (2023). Key Performance Indicators (KPIs).
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measurement/performance-indicators/notes
4. Kaplan, R. S., & Norton, D. P. (2000). The Balanced Scorecard: Translating Strategy
Into Action. Harvard Business Review Press.
5. KPI Academy. (2022). Key performance indicators: developing, implementing, and using
winning KPIs. https://kpiacademy.uk/

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6. Neely, A., Gregory, M., & Kennerley, M. (2005). Performance measurement in turbulent
environments. International Journal of Operations & Production Management, 25(12),
1080-1102.
https://www.emerald.com/insight/content/doi/10.1108/01443579510083622/full/html
7. Parmenter, D. (2015). Key Performance Indicators: Developing, Implementing, and
Using Winning KPIs. Routledge.
8. Riccaboni, M., & Faverio, L. (2013). A review of performance measurement and
performance management in public and private organizations. International Journal of
Productivity and Performance Management, 62(4), 420-442.
https://www.emerald.com/insight/content/doi/10.1108/17410400410523783/full/html
9. Smith, A., & Gravier, R. (2015). Strategic Performance Management: Developing and
Using Performance Dashboards. Kogan Page Publishers.
10. Stevens, G. (2015). Achieving Strategic Performance Excellence: The Balanced
Scorecard Approach. John Wiley & Sons.
11. Wang, Y., & Shi, Y. (2018). Designing a performance measurement system with
balanced scorecard and key performance indicators: A literature review. Journal of
Systems and Management Sciences, 8(2), 53-60.
https://www.emerald.com/insight/content/doi/10.1108/01443579510083622/full/html
12. Winter, M. (2019). Performance Dashboard Design: A Guide to Effective Data
Visualization. John Wiley & Sons.

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