What is a Performance Measurement Plan?
A performance measurement plan outlines the specific objectives, projects, and key performance indicators (KPIs) that an organization will use to measure their performance. It provides a clear roadmap for measuring progress, achieving goals, and ultimately reaching success. The plan can be used to measure success in any area, from operations and sales to customer service and employee performance.
What's included in this Performance Measurement Plan template?
- 3 focus areas
- 6 objectives
- 6 projects
- 6 KPIs
Each focus area has its own objectives, projects, and KPIs to ensure that the strategy is comprehensive and effective.
Who is the Performance Measurement Plan template for?
The Performance Measurement Plan Template is designed for businesses of all sizes and industries looking to create an actionable plan that will help measure and track their performance. It is a comprehensive template that provides guidance on how to define focus areas, objectives, and related projects and KPIs that will help reach desired goals.
1. Define clear examples of your focus areas
The first step in creating a performance measurement plan is to define the focus areas. A focus area is a broad category that outlines the organization's primary goals, such as increasing operational efficiency, improving customer experience, or increasing productivity. Once the focus areas are established, objectives and projects can be created to help the organization reach their desired outcomes.
2. Think about the objectives that could fall under that focus area
Objectives are the specific goals that an organization wants to achieve in order to reach the focus area. For example, if the focus area is to increase operational efficiency, objectives could include reducing shipping wait time or lowering shipping costs. Objectives should be measurable and achievable in order to be effective.
3. Set measurable targets (KPIs) to tackle the objective
Key performance indicators (KPIs) are measurable targets used to measure progress towards objectives. For example, if the objective is to reduce shipping wait time, the KPI could be 'Decrease average shipping wait time' with an initial target of 2.2 days and a final target of 1.5 days. A KPI should have an initial and final target, as well as a unit of measurement (days, dollars, etc.).
4. Implement related projects to achieve the KPIs
Projects, also known as actions, are the steps needed to achieve the objectives and KPIs. For example, if the objective is to reduce shipping wait time, an action could be to automate the shipping process. Projects should be specific and measurable in order to be effective.
5. Utilize Cascade Strategy Execution Platform to see faster results from your strategy
Cascade Strategy Execution Platform is a powerful tool that can help organizations create and track performance measurement plans. With Cascade, organizations can set objectives and related projects and KPIs, track progress, and measure success. Cascade makes it easy to create and execute performance measurement plans, resulting in faster, more effective results.