This video briefly describes the system of metrics, KPIs, and scorecards.
- Whether you're making a business decision,…or if you're just looking to win a silly argument,…we often look to numbers for assistance.…Who's the greatest basketball player of all time?…You might cite individual statistics,…team achievements, or championships.…Who's the best student in our school?…You'd probably use grades or standardized test scores.…Which of our employees deserves the biggest bonus?…Perhaps sales numbers or department profitability…might help you decide.…
While we often refer to these numbers as statistics,…when we're playing in the world of performance measurement,…we refer to these measurements as performance metrics,…or just as metrics.…These metrics often track outcomes and resources,…or some ratio of the two.…And while they generally measure things that are important…to managers, some metrics don't provide much value, at all.…And even when you come upon an interesting metric,…in most cases, no single metric can provide…a clear or complete picture.…
Why?…A metric typically just measures one dimension.…
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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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