To maintain a competitive edge in the market, it is important for a company to track and manage its performance. Performance management is the next vital step after measuring and monitoring performance. Maintaining an acceptable level of performance is a result of performance management. A company can achieve this goal by focusing and improving on those Key performance Indicators (KPIs) which are of utmost importance to the company; In other words, focusing on the KPIs which are mostly aligned with the company’s long term strategies. Accordingly, this paper proposes a model to aim the decision making process in identifying such KPIs. The model is developed as an Influence Diagram (ID). Two IDs are proposed. One for a company based on a single strategy and the other for the use of companies seeking to fulfil multi-strategies within their operations. The IDs proposed in this paper will aim decision makers to choose the right strategy or a portfolio of strategies for their company which returns the maximum expected utility (MEU). The framework is based on capturing the Key Performance Indicators and selecting the KPI or a portfolio of KPIs which returns the MEU to the company.