What is an example of a key performance indicator (KPI) in GFEBS?

In the context of GFEBS and project management, a key performance indicator (KPI) is a measurable value that demonstrates how effectively a project is achieving its key business objectives. Cost variance percentage and schedule adherence are particularly valuable KPIs in GFEBS as they provide direct insights into a project's financial health and timeline performance.

Cost variance percentage indicates the difference between the budgeted cost of work performed and the actual cost, highlighting any discrepancies that may need to be addressed. Schedule adherence measures how closely the project is sticking to its planned timeline, allowing project managers to assess efficiency and make necessary adjustments. Both of these measures are critical for maintaining control over project costs and schedules, which is essential for successful project outcomes in GFEBS.

Other options, while relevant to project management, do not serve as direct KPIs in the same manner. For instance, project completion time and overall project duration are more outcomes than performance measures; they reflect when the project ends rather than how effectively resources are managed throughout its life cycle. The number of stakeholders involved is also important but tends to be more qualitative and not as quantitatively indicative of performance as the cost variance and schedule adherence metrics.