Measurements For Business

Abstract:

Measurements are the principle tool used to manage businesses. Quality professionals who support process improvement must understand the principles and processes behind the measurements they make. The popular Balanced Scorecard approach divides the need for business measurements into four quadrants, emphasizing that financial measures are not the only measurements needed to manage effectively. The purpose of a measurement is to deliver the right information to the right person at the right time. The business dashboard, a relatively new idea, collects measurement data, results, and information in a single place, then displays the information as familiar graphics tailored to the need of each user. However, no dashboard display is able to deal with the large array of data generated by most medium or large businesses, therefore key measurements must be singled out for special consideration. Frequently this selection is done incorrectly, resulting in information that does more harm than …

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