This research article establishes the relationship between key performance indicators and the academic and research quality performance and assessment and quality assurance of any large multidisciplinary academic and research institution or university. The indicators in terms of qualitative and quantitative are being proposed below and are initially based on benchmarks, and then a strategy and method are proposed to publish results considering internal rankings. This may be a fruitful initiative contributing to the decision-making, follow-up, advanced planning processes, and continuous development and improvement and also performance comparisons between the participating academic and research units within the institution. Obviously, some tools are in place to assess the quality performance, such as world university rankings, domestic rankings, accreditation, external peer review, academic and industry peer perception, faculty self appraisal, and magazine-based domestic rankings. In this research article, we have discussed a set of KPIs derived and proposed to implement and evaluate the outputs and outcomes for each academic and research unit once a year after the academic session is over. We have then proposed to calculate the scores of each sub-indicator under each major indicator, then the scores of each major indicator, and then the overall score for each participating academic and research unit on the parameters and weightages, and then publish the internal ranking results based on percentiles and the rank obtained as an institution as a whole, and make the provision to nominate for awards and honours for the top three performers every year. Each institution will have the freedom and choice to define appropriate weights for each major indicator, along with some sub-indicators, according to their regional, financial, and access-to-institutions factors. The whole process will enforce competitions and races (consistent pressure) among each academic and research unit within the same institution to continuously improve their academic and research systems compared with the top three performers every year. In order to achieve this, the academic and research leadership of the institute will have control and will monitor the quality of performance continuously. Depending on these indicators, it will also require sustainable, appropriate, and effective data collection to calculate these indicators in terms of scores and percentiles and then use them to judge the quality of academic and research performance and future planning. As a result, the whole process will project the institution as a good performer during participation in the world university rankings, domestic rankings, accreditation, and external peer review. [This paper was published in "International Journal of Educational Research Review" v10 n1 p20-28 2024.]