KPIs and benchmarking Flashcards
What is the purpose of benchmarking in construction?
To compare performance, processes, and practices with similar projects or industry standards
This helps identify gaps, strengths, and opportunities for improvement.
What does SWOT analysis stand for?
Strengths, Weaknesses, Opportunities, Threats
It is a method for comparing similar firms.
What is a KPI?
A quantifiable measure of performance over time for a specific objective
KPIs provide targets for teams, gauge progress, and help in decision-making.
Define the main difference between KPIs and metrics.
KPIs are metrics tied to specific goals during certain periods, while metrics track progress and evaluate success
KPIs align with business goals, whereas metrics are often specific to processes.
What are some examples of KPIs in human resources?
- Monthly overtime hours
- Quarterly training costs
- Costs per hire
- Employee productivity
- Monthly absenteeism rate
These metrics help evaluate HR performance.
What is a key benefit of real-time monitoring of KPIs?
Allows for adjustments to be made and necessary resources to be allocated
This maximizes productivity and helps avoid delays.
What should companies incorporate into their business model?
Sustainable development
This includes considering environmental issues and local resources.
What is the role of data collection in benchmarking?
Essential for comparing performance metrics and evaluating project success
It helps identify areas of improvement.
What does the term ‘quality management techniques’ include?
- Quality assurance
- Quality control
- Continuous improvement process
- Value engineering
These techniques are integral to performance benchmarking.
What is the significance of target setting in benchmarking?
Measures success by meeting and exceeding client expectations
It includes defining service levels and required performance standards.
True or False: KPIs are specific to a particular person or team.
True
KPIs often align with industry standards or best practices.
What are some common measurements for KPIs?
- Financial
- Customer service
- Performance
- Marketing
- Staffing
These measurements help align with business goals and objectives.
Fill in the blank: Benchmarking involves ________ construction data.
[collecting and analyzing]
This data is crucial for cost control and analysis.
What is a positive impact of incorporating local resources?
Supports local trade, supplies, and community-led designs
This promotes sustainability and social responsibility.
What is meant by ‘performance benchmarking’?
It includes financial benchmarking, such as turnover
This aspect helps assess financial performance alongside other metrics.
What is the purpose of using a smaller number of manageable KPIs?
Allows companies to make necessary assessments and keep the workforce aligned
This focus enhances effectiveness in achieving goals.
