KRA is also a term applied to what are loosely known as Key Result Areas. Key Result Areas are fairly global areas which measure the results attained, and allow for development of, future expectations--- especially in the budgeting and planning area.
Part of the process of Management Development encompasses the identification and ability to measure results within these Key Result Areas. Each position has its own Key Result Areas, but they generally represent the major overall categories of the Management process.
Take, for example, a retail manager. A retail manager might have, as his or her KRAs the following:
Financial (Development of Budgets and Results vs Planned Revenues and Expenditures)
Operational (Responsibility for overall physical plant, overall employee oversight, insuring customer service, etc.)
Human Resources ( The responsibility for the functions related to identification of new employees, training and development of those employees, the progressive discipline process, ascertaining all paperwork related to the HR process has been successfully completed, etc.)
Physical Plant (Oversight of how the specific physical premises are taken care of, the upkeep, making sure the plant is attractive to consumers, etc)
Advertising and Marketing (Responsibility for creating top of mind awareness of the clients or customers.
New Business Development (Creation of new customers, new physical properties, new locations, and the ability to operate the same.)
The number of Key Result Areas could be decreased or increased by negotiation between the incumbent in the position and his or her subordinate. Trust me...in an environment where we are trying to do absolutely everything with fewer and fewer resources, the number of key result areas tends to increase more than to decrease!