26-10-2020

Key Performance Indicator at BST


The Key Performance Indicator (KPI) is a measurable value of BST’s Management System that demonstrates how effectively a company achieves its key objectives. BST uses KPI at multiple levels to evaluate their success at reaching targets.

 

KPI is carried out on a quarterly and yearly basis and is regularly tracked and reviewed during management review meetings.

 

KPIs prescribe how BST should monitor or measure quality its management system, when to monitor or measure the quality management system, and/or how and when to analyze and evaluate the opportunities.

 

BST KPIs consist of inputs, processes, outputs, outcomes:

 

1)    Show objective evidence of progress towards achieving a desired result

2)    Measure what is intended to be measured to help inform better decision making

3)    Shows a comparison that gauges the degree of performance change over time

4)    Tracks efficiency, effectiveness, quality, timeliness, governance, compliance, behaviors, economics, project performance, personnel performance and resource utilization

5)    Balance between leading and lagging indicators

 

KPI helps to:

a) Measure progress

b) Make adjustment and stay on track

c) Solve problems or tackle opportunities

d) Analyze opportunities

e) Monitor the company’s HSE system 

 

Points of KPI measurement:

 

  • Input indicates the inputs required of an activity to produce an output
  • Output captures the outcome or results of an activity or group of activities
  • Activity indicates the transformation produced by an activity (i.e., some form of work)
  • Mechanism is something that enables an activity to work (a performer), either human or system
  • Control is an object that controls the activity's production through compliance
  • Time indicates a temporal element of the activity
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