Reply to Measuring with Metrics Discussion 2

Q – Please read the discussion attached and prepare a Reply to this discussion post with comments that further and advance the discussion topic.

Please provide the references you used.

Ensure zero plagiarism.

Word limit: 200 to 250 words

Q – Please read the discussion below and prepare a Reply to this discussion post with
comments that further and advance the discussion topic.
Please provide the references you used.
Ensure zero plagiarism.
Word limit: 200 to 250 words
Discussion
Measuring with Metrics
1. A metric is a measurement that is used to indicate and evaluate ,productivity ,performance and
progress towards achieving an objective(Kumar et al., 2013). An example of a metric in everyday
occasion could be the number of steps that one takes during the day that can be tracked easily
through technology.
Key points to consider when measuring with metrics:
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Define your objectives: Clearly establish the goals and objectives you want to measure. This
will help you determine the relevant metrics to track.
Identify the right metrics: Choose metrics that align with your objectives and provide
meaningful insights. Metrics can vary depending on the context. For example, in business,
common metrics include revenue, customer satisfaction, conversion rates, and employee
productivity.
Ensure measurability: Metrics should be quantifiable and measurable. They should be based
on data that can be collected and analyzed. Determine how you will collect the necessary
data and ensure that the data is accurate and reliable.
Establish benchmarks: Set benchmarks or targets that indicate the desired level of
performance. Benchmarks provide a basis for comparison and help assess whether you are
meeting your goals.
Regular monitoring: Continuously track and monitor the metrics over time. This allows you to
identify trends, patterns, or areas where improvement is needed. Regular monitoring also
enables you to make timely adjustments or interventions when necessary.
Contextualize the metrics: Metrics should be interpreted within the appropriate context.
Consider external factors or variables that may influence the metrics. For example, a
decrease in sales may be attributed to a marketing campaign or external economic
conditions.
Take action: Metrics are valuable only if they inform decision-making and drive action. Use
the insights gained from the metrics to make data-driven decisions and take appropriate
actions to improve performance.
Review and refine: Regularly review your metrics to ensure their relevance and effectiveness.
As your goals or circumstances change, you may need to adjust or refine the metrics you use.
2. In the retail store ,one of the metrics that was used to measure employees performance was the
number of sales that one would make within a day (Perdikaki, Kesavan, & Swaminathan, 2012).This
was used was used to show how efficient and productive employees were in making sales to
customers. This is important because it helps the company in measuring its financial performance.
Explanation:
1. A metric is a measurement that is used to indicate and evaluate ,productivity ,performance and
progress towards achieving an objective(Kumar et al., 2013). An example of a metric in everyday
occasion could be the number of steps that one takes during the day that can be tracked easily
through technology.
2. In my previous job that i worked in the retail store ,one of the metrics that was used to measure
employees performance was the number of sales that one would make within a day (Perdikaki,
Kesavan, & Swaminathan, 2012).This was used was used to show how efficient and productive
employees were in making sales to customers. This is important because it helps the company in
measuring its financial performance.
Another metric that was used was measuring the employees turnover which shows the rate at which
employees are leaving the company within a given period. This metric is important in that its helps the
company in establishing issues to do with culture ,employee satisfaction and leadership .
Reference
Kumar, U., Galar, D., Parida, A., Stenström, C., & Berges, L. (2013). Maintenance performance
metrics: a state‐of‐the‐art review. Journal of Quality in Maintenance Engineering, 19(3), 233-277.
Perdikaki, O., Kesavan, S., & Swaminathan, J. M. (2012). Effect of traffic on sales and conversion
rates of retail stores. Manufacturing & Service Operations Management, 14(1), 145-162.