Once a company has a great system of metrics in place, they must be prepared to monitor and utilize data. Modern companies need cross-functional teams that include data analytics specialists.
- Our very basic performance measurement tune-up…is almost done.…You should now have considered alignment…between goals and metrics.…You should have made sure your system of metrics…was well-rounded, but you should have looked…for redundancies and made sure…the data collection methods were sound,…and hopefully, all of your people…are cooperating to meet corporate goals,…rather than working against each other…for individual goals.…But, even if you did all of this,…my guess is that you're still looking…at dozens of metrics, and that probably…doesn't even count the hundreds of other metrics…your company has been tracking for years.…
Being accurate and complete in measuring performance…isn't easy, but you need to work to create…a simple and logical process for your managers.…Remember, we want managers to make…accurate decisions quickly.…Too many metrics slow down your decision making process.…Too few metrics, this might impact…the accuracy of your decisions,…and this is why companies formulate KPIs.…Here's the bad news.…
- 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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