Definition(s)
Key Performance Indicator (KPI)
Quantifiable measure that an organization uses to gauge or compare performance.
Source: API SPEC Q1, Specification for Quality Management System Requirements for Manufacturing Organizations for the Petroleum and Natural Gas Industry, Ninth Edition, June 2013 (Errata 2, March 2014). Global Standards
Key Performance Indicator (KPI)
Metric by which an organization measures the manner or quality of the functioning of its processes, service, or service-related product.
Source: API Spec Q2, Specification for Quality Management System Requirements for Service, Supply Organizations for the Petroleum and Natural Gas Industries, Upstream Segment, First Edition, December 2011. Global Standards
Key performance indicator
A term used when an indicator has been established by a company for consistent application and aggregation at all levels of the organisation, and for periodic performance review by managers at these levels.
Source: IOGP Report No. 510, Operating Management System Framework for controlling risk and delivering high performance in the oil and gas industry, International Association of Oil & Gas Producers, June 2014. Global Standards
Key performance indicator (KPI)
Information or data that provides evidence of a company’s performance in managing its key risks, which in this guide are those risks related to asset integrity and process safety. KPIs may also be referred to as performance metrics.
Source: OGP Report No. 456, Process Safety – Recommended Practice on Key Performance Indicators, International Association of Oil & Gas Producers, November 2011. Global Standards