This video explores using metrics to discover, develop, learn, motivate...and even fail.
- I was once helping a purchasing group in a company,…and they had a problem where the people…in the company really disliked them.…They did everything they could to avoid using…the purchasing department for making purchases.…For example, the marketing group might need new computers.…The marketing group would call the suppliers,…choose the products they wanted,…and then, negotiate the deal.…Only then would the marketing department…call up purchasing and say,…"Draw up the contract and get me my computers."…Why was this happening?…Well, one of my first questions to the leader…of purchasing was, "Tell me the primary metrics…"they use to evaluate your department."…They said, "Safety, compliance, and cost."…Safety, well, why safety?…They were a company that dealt with a dangerous product.…
So safety was a metric for everyone…in every department in the organization,…but how much safety is involved in buying office computers?…How about compliance?…They needed to get good payment terms in the contract.…That's reasonable.…
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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
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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