A good system of metrics must measure effectiveness, efficiency, and adaptability.
- Let's take a look at these three basketball players.…Player A averages 18 points per game.…Player B averages 30 points per game,…and Player C averages 12 points per game.…Which of these players is the best player in the bunch?…I know, most of you probably chose Player B,…but remember, a single metric can have flaws,…and even if I provide you additional data,…we still have a problem.…
Some of you might've noticed…that all of these metrics provide effectiveness data.…How effective was this player…at scoring,…rebounding,…and blocking shots?…But, what else should you consider…before making your decision?…Perhaps, you're now thinking about resources.…How many minutes did this player play?…How many shots did they take?…Let's add in just those few bits of data.…
We now have shots attempted…and the number of minutes a player averages per game.…These new metrics help us track efficiency.…In other words, they tell us how well this player used…these limited resources, minutes, and shots.…So now, who's the best player?…Perhaps, now you only feel more positive…
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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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