PIs, KPIs, and KRIs can be classified into which types?

The classification of PIs (Performance Indicators), KPIs (Key Performance Indicators), and KRIs (Key Risk Indicators) into qualitative and quantitative types is a widely accepted framework in performance management and risk assessment.

Qualitative indicators refer to non-numeric information that provides insights about performance and risk, often focusing on opinions, feelings, or attributes that are not easily measurable. For instance, employee satisfaction or customer feedback can be assessed qualitatively.

Quantitative indicators, on the other hand, are numeric and can be measured directly. They provide concrete data that can be analyzed statistically. Examples include sales figures, response times, or incident counts which can be tracked over time to gauge performance or identify trends.

In this context, classifying PIs, KPIs, and KRIs into qualitative and quantitative categories allows organizations to develop a balanced view of performance. It ensures that both numerical data and subjective insights are considered when making decisions, thereby enabling a comprehensive approach to performance and risk management. This dual classification helps organizations tailor their strategies to effectively manage both measurable performance outcomes and qualitative factors that can influence those outcomes.