Guide on Metrics

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How effective are your metrics in steering your business success? Review the questions in the table and determine what changes are necessary to leverage metrics to drive high performance.

Question Consideration
1.How many metrics do you look at? Fact:It takes time and effort to collect data, compile the information and create the report

Focus: Critical measurements that matter

2.How many measurements are finance-related? Fact:Financial results are lag indicators—it is too late to change anything when you see them

Focus: Measure work that are drivers for results

3.Are milestones of activities included? Fact: Milestones are perfect for project management—they monitor progress of activities

Focus: Results rather than activities

4.Is there any statistical measurement? Fact: Statistical data are great for planning—they are drivers for resource allocation

Focus: Results that are indicative of quality of work and improvement

5.How do you select what metrics to use? Fact: Brainstorming and adopting other’s measurements risk misdirecting resources to things that don’t align with corporate goals

Focus: Look at your strategy and priorities, articulate clearly the results you want to achieve

6.Do the metrics reflect the outcome you aim to achieve? Fact: Results matter

Focus: Evidence of success

7.Do the measurements incent the desired behaviour? Fact: You get what you measure

Focus: Take a big picture view and avoid silo mentality

8.Do you measure activities that drive results? Fact: Pareto principle says 80% of the effects come from 20% of the causes

Focus: Measure critical activities for they must be done well

9.How well do the measurements correlate to the corporate goals? Fact: Goals can be achieved only when you are clear on the results you want

Focus: Clearly define results and measure with conviction

10.Can employees relate their work to the corporate goals? Fact:It is not possible to align decisions and day-to-day operations if there is gap in the understanding of the corporate goals

Focus: Tie departmental measures with corporate measures to link up activities for optimal alignment

 

 

© Connie Siu 2012. All rights reserved.

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