Step 1: Collect and Review Primary Information
February 12, 2025
The Transformations Wrought About by the Digital Age This is the age of Smart Machines that can perform tasks that hitherto were being done by humans. Right from manufacturing automation where robots work on the factory floor to make products, to Artificial Intelligence driven algorithms that have predictive capabilities, and Big Data enabled Search Engines, […]
There are some nations in the world who manufacture their own defense equipment. However, a majority of the countries outsource their production activity to private companies abroad. Companies like Lockheed Martin are known to extensively take contracts from foreign governments. Regardless of whether the money is spent locally or given to foreign contractors, the amount […]
In the past few years, technology companies have been driving the boom in the financial markets. The FAANG companies (Facebook, Amazon, Apple, Netflix, and Google) have seen their valuations increase by leaps and bounds. However, COVID-19 is causing a worldwide stock market collapse. It would be fair to say that the pandemic is not affecting […]
The list derived from the detailed process map needs to be shortlisted. This can be done in multiple ways. The different tools that are commonly used in six sigma projects to meet the purpose have been written down. They are as follows: Cause Effect Matrix: The cause and effect matrix takes the list of inputs […]
Why Social Media is Here to Stay and is the Future for Firms of All Sizes and Scale We live in a world that is driven by technology and operates in a 24/7 manner. With the preeminent importance of social media in all walks of life and the ability to make content go viral the […]
Metrics are numbers that tell you important information about a process under question. They tell you accurate measurements about how the process is functioning and provide base for you to suggest improvements.
It is said that only when one can express their understanding in terms of numbers is the understanding satisfactory and meaningful.
Usually measuring results with one metric is not a good enough strategy. A combination of metrics is used to measure the effectiveness of the process.
In the end it is only an understanding of both types of metrics and what they suggest can meaningful decisions be made about the process is question.
Here are some important functions that metrics fulfil in an organization.
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