This video explores the price of perfection, the problems with using metrics that can be perfected, and the problems with driving employees to be perfect.
- Let's consider some of the more basic metrics…that we see on a day-to-day basis.…Customer service levels, school grades, on-time arrivals…for airlines.…In each case we utilize this data to help us make decisions.…In reality, though, each of these metrics has flaws.…Consider customer service levels in car dealerships.…Car dealerships love to gather data about your…satisfaction levels, but in most dealerships employees…will coach the customer on how to answer the survey,…and they will tell them if the rating is going to be…less than perfect that the customer should discuss this…with the manager before filling out the survey.…
This sort of defeats the entire purpose of the survey…in the first place, and what you find is that in many cases,…there are employee incentives tied to getting…perfect scores on these surveys.…A bad survey process, unethical actions surrounding…the survey, negative consequences associated with…low scores, and the quest for perfect scores.…This metric is extremely flawed, and in the end provides…
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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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