A method and tools are disclosed for systematically capturing the key elements of a business process in conjunction with the definition/development of focused key process indicators and threshold values that provide useful and manageable information about the health of the business process from both the managerial and operational perspective. A service blueprint is used to capture business processes in a novel and specialized manner. The service blueprint and associated Key Process Indicators (KPIs) are dynamic updated and linked within a business monitoring & control platform. The method of the present invention is flexible, dynamic, and allows for real-time measures that yield a picture of the present health of the process in addition to the capability of generating predictive vital signs as strong indicators of the future health of the business.