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PERFORMANCE IMPROVEMENT TARGETS - INSTRUCTIONS
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Purpose
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This Excel template helps define specific, measurable, achievable, relevant, and time-bound (SMART) targets for model performance improvement initiatives. This is Section 3.3 of Template 7.1: Model Performance Improvement Plan.
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SMART Target Criteria
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S - Specific: Clearly defined metrics, not vague goals
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M - Measurable: Quantifiable targets with specific numbers
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A - Achievable: Realistic based on baseline, evidence, and resources
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R - Relevant: Aligned with business objectives and root cause analysis
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T - Time-bound: Clear timeline for achievement (e.g., 'within 6 weeks')
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How to Use This Template
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1. Complete Improvement Objectives sheet first - define primary objective and approach
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2. Set Statistical Performance Targets based on current baseline and desired improvement
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3. Define Business Performance Targets aligned with business objectives
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4. Set Fairness Targets if model has fairness requirements
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5. Establish Operational Targets for system performance
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6. Complete Target Rationale explaining why these specific targets were chosen
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7. Define Success Criteria - what constitutes successful improvement
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8. Document Constraints that must be maintained during improvement
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9. Review Target Summary for overall target alignment and feasibility
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10. Use 'Improvement' column to calculate gap between current and target (=Target-Current)
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11. Set realistic timelines - overly aggressive timelines lead to rushed, poor quality work
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Sheet Descriptions
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• Improvement Objectives: Primary objective and overall improvement approach
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• Statistical Performance Targets: Quantitative targets for statistical performance metrics
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• Business Performance Targets: Targets for business value and KPI metrics
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• Fairness Targets: Targets for fairness and equity across demographic groups
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• Operational Targets: Targets for system performance (latency, availability, errors)
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• Target Rationale & Criteria: Justification for targets, success criteria, constraints
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• Target Summary: Consolidated view of all targets with feasibility assessment
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Best Practices for Setting Targets
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• Base targets on evidence (baseline performance, industry benchmarks, business requirements)
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• Set aspirational targets with minimum acceptable thresholds
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• Ensure targets address root cause identified in assessment
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• Consider tradeoffs (e.g., accuracy vs. latency, performance vs. fairness)
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• Get stakeholder agreement on targets before starting improvement work
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• Build in buffer time for validation, testing, and unexpected issues
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• Be realistic - overly ambitious targets lead to corners being cut
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