Improving Convention Center Management Using Business Analytics and Key Performance Indicators, Volume I

Introduction

“If you can’t measure it, you can’t improve it.”¹ Peter Drucker’s words unwittingly created the widespread use of business analytics or key performance indicators (KPIs) as a business philosophy. The idea was not new in Drucker’s time but his elegant quote led others to build the idea into a refined organized process of management. The explanations below provide an introductory perspective.

What Are KPIs?

KPIs work by applying units of measure to business functions, then displaying progress or decline, gains or losses, and ultimately success or failure. In simpler terms, KPIs measure how well companies, their business units and departments, managers, and projects are performing. In the KPI process actual performance is regularly ...