Business Activity Monitoring (BAM) enables continuous, real-time performance measurement of business processes based on key performance indicators (KPI). The performance information is employed by business users but prior support from IT engineers is required for setting up the BAM solution. Semantic Business Process Management (SBPM) tries to minimize the needed support from IT staff throughout the business process lifecycle. In this paper we introduce a framework for BAM as part of SBPM. We show how performance measurement related activities can be integrated into the semantic business process lifecycle. KPIs are modeled by business analysts exploiting semantic annotations of business processes. KPI models are automatically transformed to IT-level event-based models and used for real-time monitoring using reasoning technology.