How can Key Performance Indicators aid in project management?

Key Performance Indicators (KPIs) are essential in project management as they help define success metrics to evaluate progress. By establishing clear, quantifiable goals, KPIs enable project managers and teams to track performance against these benchmarks throughout the project lifecycle. This quantification allows stakeholders to assess the effectiveness of various aspects of the project, such as timelines, budget adherence, and overall quality. KPIs facilitate informed decision-making by providing data-driven insights on whether the project is on track to meet its objectives or if adjustments are needed, thereby fostering accountability and continuous improvement within the project team. Through this structured approach, KPIs contribute significantly to the strategic alignment and successful delivery of project outcomes.