Understanding KPIs and Balanced Scorecard in Performance Management

I have heard my HR department head speaking of the balanced scorecard and KPI. My query is, what is KPI? What is its full form, and how is it calculated?

Thanks,
Liz

KPI STANDS FOR 'KEY PERFORMANCE INDICATORS'. These are performance targets set by management for various levels of staff on an annual basis as part of the planning/budgeting process.

EXAMPLES:

1. SALESPERSON
- ACHIEVE A MARKET SHARE OF 15% IN YOUR TERRITORY.

2. CUSTOMER SERVICE MANAGER
- ACHIEVE A 95% LEVEL OF CUSTOMER SATISFACTION, etc.

EVERY DEPARTMENT/INDIVIDUAL HAS A 'KPI'. THE BALANCED SCORECARD IS THE MANAGEMENT SYSTEM USED TO TRACK THESE KPIs.

REGARDS,
LEO LINGHAM

I'm new to this site. I hope anyone here will be able to help me.

How to Create a Balanced Scorecard for KPIs

How do I create a balanced scorecard for KPIs?

Regards.