Chapter 2: Objectives, metrics, and the measurement plan

Defining a KPI

Turn a proposed metric into a clear reference sheet covering its purpose, formula, target, context, governance, and required data.

Worksheet

Document the metric

Fields marked with an asterisk are essential to produce an actionable definition.

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1Purpose

KPI name *

Description *

Related objective *

Expected benefits

2Measurement and context

Unit of measure and formula *

Target value *

Reporting frequency

Historical values

Low value

High value

Tolerance thresholds

Low threshold

High threshold

3Lifecycle and governance

Start date

End date

Lifetime and review rule

Sponsor

Initiator

Stakeholders

Scope

Internal External Internal and external

4Data, dependencies, and risks

Data sources *

Risks and impacts

Relationship with other KPIs

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Start by naming your metric.

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Hamel, Stéphane. 2026. The art of digital analytics: Transforming imperfect data into better decisions. Montreal. (Chapter 2).
Parmenter, David. 2015. Key Performance Indicators: Developing, Implementing, and Using Winning KPIs. 3rd ed. Hoboken: Wiley.