What are key performance indicators (KPIs) used for in project management?

Key performance indicators (KPIs) play a crucial role in project management as they serve to measure how effectively a project is achieving its goals and objectives. They provide quantifiable metrics that can be used to assess various aspects of project performance, including but not limited to, timelines, budget adherence, quality of deliverables, and stakeholder satisfaction. By utilizing KPIs, project managers can track progress, make informed decisions, and identify areas that may need improvement to ensure the project stays aligned with its intended outcomes.

In contrast, some of the other choices do not encapsulate the broader purpose of KPIs. For example, focusing solely on project costs overlooks other important facets of project performance, such as schedule and quality. Similarly, a checklist for project activities is more about task management than performance evaluation, and evaluating individual team performance does not directly reflect the overall project's success in achieving its objectives, which is what KPIs are fundamentally designed to measure. Thus, the function of KPIs extends beyond these narrower interpretations, emphasizing their importance in tracking and ensuring project success as a whole.