Service Level Agreements on Service Requests

Hello,
I was wondering if anyone had thoughts or experiences to share for the best way to manage Service Level Agreements for Service Requests. I have been requested to provide a report showing whether Service reqeusts (by Area/Topic) were answered within the agreed times.
Eg Requests for New Business Cards are expected to be resolved in 3 days and it took 4 days so flag this request as having not met arranged timeframes.
I'm not sure where is the best place to store the Service Level dayes by area? Is that just within the logic of the report? Appreciate any thoughts on this.
thanks,

Hi Venky,
I'm new to On Demand and not that confident creating a custom object. I was wondering if I could achieve my SLA's by using a Workflow and custom SR field?
I thought if I created a new field on the SR called 'Service Level Agreement' I could populate this field with SLA days based on Service Area.
Eg:
Trigger Event: Before modified record saved
Workflow Rule Condition: PRE('<Area>') <Area>
Action: Update Values
Field Name: Service Level Agreement
value: IIf([<Area>]="Allocations",'2')
However I get an error message as I'm not sure if I have the expression correction.
Function ‘IIf’ is invalid with 2 parameters(SBL-SBL-00000)
Does this make sense as an approach? I thought I could then use this field on reports.
thanks,

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