Explain what KPIs are and how they can be determined. (100 words)
Expert Answer
Key Performance Indicators are the measures that can be used to determine and track a business’s performance against the its goals and strategic objectives. KPIs indicate the business performance in form of different matrics in the areas of finance, customers, people and processes to measure the progress in respective area.
The KPIs vary from business to business. For one business, customer satisfaction or the customer churn rate may be the most important measure while for the other, cost of goods sold may be more important. This
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