By using sets of metrics indicators that make sense for making decisions, you can have an effective control over the results of your area or your business. If they are built to generate charts automatically, as well as with alarms, all this updated minute by minute, this is even better!
This visualization of indicators in real time and anticipating the problems is called Visual Management. This is because managers share metrics and indicators with all employees and with that it is possible to have a team that is more committed to the outcome. In this other example below, a Dashboard built from the OpMon platform, it is possible to understand relevant information to make decisions on sales area indicators:.
Now that you know the differences between metrics and indicators, you shall never again confuse the two terms. Failure to properly understand both concepts can lead to one of the greatest dangers when we speak of monitoring and measuring results: misinterpretation of the data. It is important to differentiate metrics and indicators to know exactly when and how to use each of them in favor of business.
No menu assigned! What are the main differences between metrics and indicators? Do you know what metrics and indicators are? What are their main differences? What are metrics? What are indicators? What is the best way to use metrics and indicators? The measured size is a poor measure of how many people the restaurant could seat at any one time.
This is important. What is measurable, is not always useful. What is useful is not always a measure. Let me give a common place example. I am trying to use PLAIN English to illustrate the difference between measures and indicators and emphasise the importance of utility Usefulness.
Accurate and useful for paying, or calculating fuel consumption. Actually to be accurate this volume will also depend on the temperature, as the fuel expands on warmer days, so the volume will be set at a particular ambient temperature. It appears as a probably poor measure in miles per gallon.
It measures it. It is useful to adjust my driving. It is really an indication of instant fuel consumption. Average fuel consumption looks like an explicit measure, but is really an indicator.
It is indicated in miles. However, that is only an indication of how far I might be able to travel assuming conditions going forward are similar. It is a good measure of what I have used. It is an indication how far I might get. It has not measured the fuel consumption going forward. It does not know the terrain that I am heading for, how different it is and how I will drive.
It is useful, and looks like a measure, but for my purposes it is ONLY an indicator; indication of how far I am likely to get. All so far are objectively measurable. For my practical purposes, some are measures They are measurable — standard exists — some measures provide an indication.
In their own way, all are useful. I can use my judgement to estimate how far I will actually get, or whether I will enjoy a miserable morning on the side of the road waiting to be recovered.
Now I apply subjectivity and experience to work out whether to pull over now, or risk carrying on. The measures and indicators in my car are only so useful. In this circumstance, they need judgement to be really useful, to me. A restaurateur knowing a table is 6ft by 3 foot is not a very useful measure, as it is only an indicator of how many people could sit around it.
The real question is how many people can I squeeze into the room and still serve and be comfortable? Both measures and indicators can be useful.
Numbers are agnostic. People attribute positive or negative meaning to numbers depending on the context in which they are used. Additionally, were averages, medians or total values of aggregated measures used?
Each may give you a significantly different read on your data. This is further emphasized when indicators are presented in comparative terms such as relative to a specific goal or relative to existing benchmarks.
Bounce rate is an indicator used to describe the percentage of single-page sessions , meaning the sessions in which the person left the site from the same page they entered without interacting with the page. Is this good or bad? It can be bad if that page is the starting point of an interactive story and the expected next step was for the user to hit play and start navigating through the story. It is good if that was your contact page and people came to get your phone number or address.
Scrutinizing what the indicator means, what it attempts to represent, how it is calculated is a healthy way to uncover measurement ment problems. Understanding these distinctions helps teams ask qualified questions of their data, specially as they increase their numeracy and make analytics an integral part of their decision-making repertoire.
Now that we covered this, jump in on some of our metrics. Metrics, Measures and Indicators Having a shared understanding of what metrics are and what we mean by them helps teams focus on questioning the insights they take away from the data, rather than spending the time debating the definition and quality of the data they receive.
Metrics Metrics represent the different methods we employ to understand change over time across a number of dimensions or criteria. Measures A measure is a number or a quantity that records a directly observable value or performance. Indicators An indicator is a qualitative or quantitative factor or variable that provides a simple and reliable mean to express achievement, the attainment of a goal, or the results stemming from a specific change.
Here are some situations: 1.
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