Companies want the "magic" metrics. They want to know what the best companies measure. This video explains why this isn't good.
- Managers want to succeed.…They want to make good decisions…and they want to do it quickly.…That's why one of the most common…questions I'm asked is, "What are the most…important metrics in business?"…It's a question that drives me crazy.…One of the best answers I've ever heard…to this question was, "Cricket, baseball and hockey."…I was probably as confused as you are right now.…Skeptical but curious, I had to ask for an explanation.…
The guy said to me, "Cricket, baseball and hockey.…They're effectively all stick and ball sports.…Now tell me, would you use the same set…of statistics to measure all…of the players in all three sports?"…Of course not.…Why?…Because they're all playing different games.…While every team wants to win,…winning is achieved in completely different ways…in each of these three sports.…
That's why each sport has its own set…of statistics to measure the quality of the players.…The same thing holds in business.…Every industry is different.…Every company is different.…It doesn't make sense to measure…
- 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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