From the course: Measuring Business Performance
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Evaluating a system of metrics
From the course: Measuring Business Performance
Evaluating a system of metrics
- You've mapped out your processes, listed your stakeholders developed KPIs for each stakeholder and for the process overall. Now, let's go through a checklist to make sure your system of metrics is sound. First, what are the overall goals of the process or organization? Second, do the metrics you have align with your goals? Does each metric help drive behaviors to make customers, employees and investors happy? Third, what can you learn from each metric? And also, what are the potential weaknesses and strengths of each metric? Next, does your system of metrics measure effectiveness, efficiency, and adaptability? Missing even one of those categories could lead to bad behavior, or poor decisions. You'll probably have lots of metrics. Have you chosen your KPIs? Be sure your employees understand why those are your KPIs. Before signing off on KPIs look for redundancies. For example, if the KPIs for your warehouse asks for…
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