Key performance indicators or KPI
What do you mean by the term key performance indicators or KPI? Explain in brief?
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Key performance indicators or KPIs: These comprise the traditional financial measures like return on capital used. KPIs now, though, usually comprise a significant proportion of non-financial indicators to aid assess the prospects of long-term success. To assist decision making, the management accountant has rousingly shouldered responsibility for reporting the non-financial measures concerning quality, product innovation, product cycle times, delivery times and so forth.
Traceability: The capability to assign a cost directly to a particular activity or cost object by identifying or observing particular resources used by the activity or cost object.
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Indirect Cost: A cost which can’t be recognized particularly with or traced to a specified cost object in an economically feasible manner.
Opportunity Cost: The value of the substitutes foregone by approving a particular strategy or utilizing resources in a particular manner. Al so termed as Alternative Cost or Economic Cost.
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