Are certain actions and outcomes overvalued?
- The sport of baseball is not exactly…a sport known around the world.…Still, in the United States, it's big business.…Lots of money is made in the business of baseball.…But like so many other sports businesses,…where players are paid enormous sums of money,…the executives in charge of acquiring…these high-priced players is more difficult than it seems.…Signing a player to a long-term contract worth millions…might end up a horrible decision…if the evaluation of the player was poor.…
Which brings us back to baseball,…where for decades the sports KPIs were very misleading.…Let me give you a very quick and somewhat incomplete…explanation of baseball so you can discover the errors…made by their executives for almost a hundred years.…Don't worry, even if you don't fully understand baseball,…you'll quickly see the problem.…In baseball, one player throws a ball.…They are the pitcher.…
One player tries to hit the ball with the bat.…They are the hitter.…If the batter is successful, they get a hit.…If they are unsuccessful, they get an out.…
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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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