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Measure
You Get What You Measure
The phrase "you get what you pay for" is pretty easy to understand, but "you get what you measure" is a little more difficult -- measuring doesn't actually procure or "get" anything other than a measurement, and of course you get the measurement that you take -- that's self-evident, right? In the business world, though, people often seem to think that they can get whatever results they want simply by suiting the measurement to suit their own purposes, even if this doesn't really measure what they imagine it to. Measurements of the security of an investment, for example, are useless if they don't actually measure the likelihood of the investment failing or growing. Measures of market size are irrelevant if the market measured isn't specific to the product or service being marketed, price comparisons are invalid if substantial product differences...
The willingness to delude oneself about the potential for fantastic gains often steers investors, finance managers, and others involved in the business world to use measures that do not really "get" them what they are seeking.
Understood in this light, "you get what you measure" is actually somewhat similar to "you get what you pay for" -- both statements mean that the output will only be as valuable as the output. Careful and accurate measures that are truly objective and honest are the only measures that really matter; all else is delusion or potentially worse. Because of the tendency to inflate the chances of success and to support this inflation with supposed "evidence" gathered from a battery of inappropriate or haphazard measurements, all individuals engaged in business pursuits should take care to use measures that get them what they need.
Years ago,…
Measure Value Vice Versa." - Joseph Stiglitz. Having started module question:" What purpose business? "You finish assignment links question individual level. IMPORTANT*** PLEASE ONLY USE THE READINGS / TEXT / MATERIAL FROM THE ATTACHED FILE COURSE READINGS AND TEXT. The Importance of Values on Decision Making The following pages focus on providing an analysis of the application of ethical in several types of activity. The Introduction presents the points-of-view used in
The question is raised as to which values to select over others. The combination of references to substitution also serves to make the point that making choices and choosing one thing over another is unavoidable. This unavoidable nature relates to the fact that substitution is part of society. We also see where substitution is of benefit to a person. Elbow is one example, he owes his job to substitution, as
Productivity is the relationship between and enterprise's output and its inputs. High productivity implies that resources (inputs) are being efficiently utilized to produce output. For a logistics company dealing in the storage and movement of materials, productivity can be measured on the basis of: Volume of Materials -- the volume of materials being shipped or stored at any one time should tally with the costs (resources) incurred for such shipment and
The Triple Bottom Line: Profits and SustainabilityAbstractThis paper examines the impact of sustainability in global supply chain management with a focus on the \\\"profits\\\" aspect of the Triple Bottom Line (TBL) framework. This paper discusses the challenges to implementing the framework while maintaining profits. It also discusses ways to address those challenges. The paper concludes with recommendations for one in supply chain management who may be looking to apply sustainability
Mr. Medicare's Myocardia Mr. Medicare Patient and his wife Mrs. Medicare were sitting on the couch watching a football game one Sunday, when Mr. Medicare began to feel ill. It began with a feeling like indigestion, which he attributed to the spicy chicken wings that they were eating while watching the game. However, the initial indigestion feeling worsened, even after he chewed an antacid. He began to feel short of breath
utility of the GET test as a measure of entrepreneurial potential. Why are People Entrepreneurial? In order to evaluate the general entrepreneurial tendencies (GET) test it's important to understand the evolving theories that try to explain why people are entrepreneurial. Theory and research in the social sciences support a model of dynamic interactive processes between individual characteristics and the environment which lead to complex behaviors such as the creation of new