Finn’s boss asked him to put together a list of SMART key performance indicators for their organization, Iron Man, Inc. Which of the following lists correctly identifies SMART indicators?
  1. Specific, Measurable, Achievable, Realistic, Timely
  2. Solitary, Monetary, Accessible, Realistic, Timely
  3. Strategic, Measurable, Authorized, Related, Targeted
  4. Strong, Monetary, Achievable, Reactionary, Targeted
Answer - A - SMART indicators are Specific, Measurable, Achievable, Realistic, and Timely.

Key Takeaway: When defining KPIs for any organization, the KPIs must always be SMART. If a KPI is not specific, measurements may have inconstancies; if it is not measurable, it is not a metric and therefore, not a KPI; target values must always be achievable and realistic within a given time frame; and, of course, there must be a deadline. An untimely achievement is a non-achievement.

Lately, there has been talk of replacing SMART with SMARTA, with the last A meaning align. In this case, a KPI would need to be aligned with the strategic plan of the organization.
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