Learn why performance measurement is critical and how to develop business metric systems that align with your business goals.
- It doesn't matter which industry you're in. The world of business just keeps moving faster and faster. Big data, globalization, data analytics. Managers are asked to make good decisions, and they need to do it quickly. Speed and accuracy. Hi, there. My name is Eddie Davila, a University instructor in the area of supply chain management and operations. I love sports, entertainment, science and medicine, as well as culture, and no matter where I look in my personal or professional life, the measurement of performance is becoming an important part of decision making, analyzing, and improving.
Never has it been so important, to be able to measure performance. To understand what the numbers mean, and then, to confidently lead people and organizations with these numbers. Unfortunately, many managers, even managers that are comfortable with numbers, are now overwhelmed with the non-stop flow of data. They become confused, or intimidated, but here's the interesting thing, the fundamentals of measuring performance are within reach for most managers.
Motivating and inspiring employees with numbers. Developing useful performance metrics. Creating cooperative systems of metrics, that align with the goals and values of the organization. These are important, and career defining skills in any organization. They're the keys to being effective, efficient, and adaptable to changes in the market. They can help you identify the root cause of a problem, and then, provide you guidance on how to fix that problem.
Leadership skills, communication skills, and technical skills. They're required in almost any position of power, but if you understand how to measure performance, you have the ability to reshape the organization to meet the fast pace, data driven needs, of the present and the future. So, welcome to the world of performance measurement. Your view of the numbers and the people at work are about to change, forever.
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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.