This video explores common themes in the types of measurement errors made by companies.
- How do your organizational leaders feel about metrics?…Do they hate metrics?…Do they love them too much?…Do they not really understand how to measure?…Let's take a look at some of the bad performance…measurement attitudes we tend to see in organizations.…So companies just aren't serious about measuring.…I don't need numbers to tell me what's wrong.…I know when things are going wrong.…The company has a bunch of metrics,…but I never look at them.…
I don't need numbers to make decisions,…my gut tells me what to do.…Unfortunately, we hear things like this…all the time in organizations.…Sometimes from the top leaders.…And you know what?…Sometimes you can get away with it.…Sometimes leaders can make great decisions without metrics,…but as markets evolve having metrics…can signal that change is needed.…When investors ask that you provide proof…they often want solid metrics.…
And when mistakes are made metrics can provide clues…about what went wrong.…Plus, when companies spend a ton of time…and money collecting data…not using that data may be an enormous wasted opportunity.…
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- Explain why metrics are necessary in business settings.
- Define KPIs.
- Identify the issue of attempting to reach 100% in a given metric.
- Summarize the limitations of metrics.
- Recall the three steps for making a metric understandable for employees.
- Describe the characteristics of an effective metric.
- Compare and contrast the costs and benefits of measuring too many versus too few metrics.
Skill Level Intermediate
Business Analysis Foundations: Fundamentals (2014)with Haydn Thomas2h 13m Intermediate
Balanced Scorecard and Key Performance Indicatorswith Jim Stice1h 17m Intermediate
1. How and Why We Measure
2. Errors and Challenges in Measuring
3. Developing a Good Metric
4. A System of Metrics
5. Performance Measurement Tune-Up
6. Above and Beyond
Next steps1m 57s
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