The Importance of Metrics
Abstract
Establishing metrics is crucial to any organization, especially in technology related company projects. Metrics permit organizations to measure its performance against industry sectors to determine how well the company is doing. Furthermore, metrics allow organizations to evaluate and improve the effectiveness and efficiency of its processes. Metrics are designated in different categories. The categories identified in this document include output, in-process, and people. (Duris 2003) The organization must first determine exactly what the company is trying to accomplish or determine. Metrics are then identified based on what is relative to the subject matter. Finally, metrics are verified when tracking progress against previous records or a company given standards or goals.
Importance of Metrics
Establishing metrics is crucial to any organization, especially in technology related company projects. Metrics can be defined as a system of parameters or ways of quantitative and periodic assess of a process that is to be measured, along with procedures to carry out such measurement and the procedures for the interpretation of the assessment in the light of previous or comparable assessments. The results of the metrics can be used to record trends, efficiency, capital, and etcetera. Metrics permit organizations to measure its performance against industry sectors to determine how well the company is doing. Metrics allow organizations to optimize its productivity.
Categories of Metrics
Categories of metrics differ according to the type of company and its goals. An article written by Paul Germeraad (2003), describes in detail different segments of metrics that are used in measuring Research and Development processes which is a critical technical competency. Each category of metric is calculated or measured differently. The categories identified in the article Measuring R&D 2003 include output, in-process, and people.
Output metrics can come in tangible or intangible form.
Proper metrics must be in place to measure the progress of each step along the project.
In today's competitive marketplace, all firms are seeking ways to improve their overall performance. One such method of improvement, recently adopted by many firms, is benchmarking. Benchmarking is a technique used to evaluate internal business processes. "In this analysis, managers determine the firm's critical processes and outputs, baseline those processes, then compare the performance of each process against a standard outside the industry" (Bounds, Yorks, Adams, & Ranney 1994). To effectively improve a business process to world-class quality, managers must find a firm that is recognized as a global leader, not just the industry standard. Successful benchmarking requires tailor-made solutions, not just blind copying of another organization. Measurement and interpretation of data collected is the key to creating business process solutions.
The story I chose for this analysis is “Why, you reckon?” by Langston Hughes. IN this analysis I will be focusing on how the great depression in Harlem had effect on the story, how racism played a part, and how or if the characters were justifyied in their actions. During this time period the intense racial divide combined with the economic harships that plagued the U.S. during the 1923’s makes for an interesting story that makes you think if the charaters were really justified.
Tapinos, E., Dyson, R.G. & Meadows, M. (2005). The impact of performance measurement in strategic planning. International Journal of Productivity and Performance Management, 54(5/6), 370-384.
In order to attract new employees; sales profits and production will play a major part in recruiting top managers to execute a plan in the next 3 years that will need to involve a quality management performance base pay. The first performance metric that should be tracked is the customer satisfaction score, this will help improve the sales profits. Customer satisfaction score should be measured internally and externally by doing so it will help the organization identify where changes are needed. The next metric is productivity; Weave Tech wants to offer some new quality products that attract more than just military customers. In order to launch a new product, the organization should determine the cost per unit and determine the output cost as well.
In the mid 1980s, and into the 1990s, business leaders realized that a renewed focus on quality was required to continue to compete in an expanding global market. (NIST, 2010) Consequently, several strategic frameworks were developed for managing, and measuring organizational performance. Among them were the Malcomb Baldrige National Quality Award, which was created by and act of congress and signed into law by the President in 1987, and The Balanced Scorecard, which is a performance management tool that was born out of research conducted in the late 1980s and early 1990s by Robert S. Kaplan, and David P. Norton published in 1996 (Kaplan, 1996). Initially the renewed emphasis on quality management systems was a reaction to the LEAN approach
In both “Oh, Come On, Men Aren’t Finished Yet” by Christina Sommers and “When Bright Girls Decide Math is a Waste of Time” by Susan Jacoby they discuss how gender effects opportunities when applied to continuing and changing stereotype deceived through gender opportunities. In “Oh, Come On, Men Aren’t Finished Yet” Sommers ……
Metrics are very important in Operations Management within an organization because it provides functions such as control, reporting, communication, opportunities for improvement and expectations. It is a certifiable measure stated in either quantitative or qualitative terms, types of measurements. In addition, metrics have different types of categories in the organizations. One of which is “Organizational Focus”, which has four different types of levels within the organization or firm. 1.
University Press. Lawler, E. E., Levenson, A. and Boudreau, J.W. (2004). HR Metrics and Analytics: Use and
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The Balanced Scorecard has emerged in recent years as a performance measurement system in various organizations. This paper will discuss the origin and concept of the balanced scorecard and how it was first implemented. We will then review the criticisms on the balanced scorecard methodology as well as analyse the strengths and weaknesses of this performance measurement tool.
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Whether or not people notice the importance of statistics, people is using them in their everyday life. Statistics have been more and more important for different cohorts of people from a farmer to an academician and a politician. For example, Cambodian famers produce an average of three tons or rice per hectare, about eighty per cent of Cambodian population is a farmer, at least two million people support party A, and so on. According to the University of Melbourne, statistics are about to make conclusive estimates about the present or to predict the future (The University of Melbourne, 2009). Because of their significance, statistics are used for different purposes. Statistics are not always trustable, yet they depend on their reliable factors such as sample, data collection methods and sources of data. This essay will discuss how people can use statistics to present facts or to delude others. Then, it will discuss some of the criteria for a reliable statistic interpretation.
These benefits are best discovered and maximized if used in conjunction with KPIs. A KPI is a key performance indicator and they allow a company to measure and manage ...
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