KPI (Key Performance Indicator) is a way to measure objectives of projects and project management. The criteria vary depending on the particular project, even though, a lot of research and work have been done. Time, cost and quality are parameters to measure success (see Triple Constraint) but there a more objectives to evaluate success.
The paper of Toor and Ogunlana (2010) divide the viewpoints of project success into two. The macro level and the micro level succes. The macro level is the viewpoint of end users, customers and the people benefitting from the project. The micro level viewpoint is from people involved in project process such as consultants and contractors (from a construction point of view). The micro level is often where the iron triangle objectives are present i.e. time, cost and quality.
A general tendency is that construction projects approach a wider success criteria method. It’s done by including new quantitative KPIs as well as mixing it with qualitative KPIs. Inter-organizational co-operation and partnership, safety, socio-economic issues i.e. enterprise development are examples of KPIs that recently are approached for measuring project success.
Toor and Ogunlana (2010) do in their research find that time, cost and quality are still popular in construction projects, however, the project managers and people involved in project management focus comprehensively more on safety and efficiency.
Toor, S.R. and Ogunlana, S.O., 2010
Their paper engages with measurement of project objectives. First, a general overview on the types of KPIs and how project management and projects are measured. There are further examples of different types of KPIs (mostly within construction projects). They carry out research by surveys. The surveys are given to different people involved in construction project management yielding some interesting outcomes that KPIs are changing.
Link to article: http://www.sciencedirect.com/science/article/pii/S0263786309000623