Flashcards in Introduction Deck (10)
a measuring system that quantifies a trend, dynamic or characteristic.
Metrics used for
- It’s a system not simply a number – it carries assumptions about the nature of the phenomena, mode of data collection, and even use
- Can be a KPI (Key Performance Indicator) or a diagnostic
- Can be over time or point in time
- Can be leading indicator (antecedent of future consequences)/ lagging indicator (consequence of past causes)
- Stable metric: Getting the same solution using different metrics shows a better proof for your outcome. Other metrics can complement. Don’t base decisions on one metric outcome.
Metrics are complex and at times difficult to measure
Data maybe approximate, incomplete or unavailable
No single metric is likely to be perfect/complete
- Portfolio or dashboard of metrics is recommended for reliability, validity
- Understand various perspectives to arrive at triangulated strategies and solutions
Value of information
- More data or calculations don’t always help make better decisions - sometimes more data can make people more confused
- Information is only valuable if it allows us to make a better decision
- A metric value arises from its ability to improve our decisions.
- Economic slowdown, cost consciousness, short-term orientation – more proof needed about the immediate return on marketing investments.
- Technological change: more data, in some areas better data.
- Information age – moving away from intuitive decision making to data-driven management.
- Mass media fragmentation – trust shaken in traditional marketing communication effectiveness.
How to use metrics properly?
-Within their strategic context
- As related to objectives
- Not as end goals, but as sources of inspiration for decision making
- Weighted by their importance
- Acknowledging the primacy of creativity & insight
- An insight is usually not obvious nor evident;
- An insight usually comes from connecting multiple findings;
- An insight often requires a leap of interpretation;
- An insight requires thinking.
not based on one outcome, but multiple. A theory in the sociology of occupations. There are special occupations in society – the professions. To reach this level, many things distinguishes them from mundane occupations (ethics code, associations, state licensing). Because of this knowledge, even occupations with a traditional small knowledge base embark on a historical quest to acquire it.