Metrics And Analytics Paper

1. The local Mastermind store sells innovative educational toys. Part of their service is giving advice to customers about the best toys for a particular age group, which requires having more customer service representatives in the store. During the month long Christmas buying season, it makes half of its $500,000 yearly sales. Its contribution margin on average is 40% and its fixed costs for the year are about $150,000. The owner believes that she could make even higher sales, if she had more customer service representatives on the floor during the peak season. She plans on hiring four more people for 200 hours each at $20 per hour. How much additional revenue does she have earn to the nearest dollar

Whenever new metric are introduced, it is very important that everyone is communicated the updates quickly. The first line of communication should start with management. When training management on new metric, a reference guide or a point of contact should be given for additional support. The objectives of management should consist of grasping the concepts of new metrics, ability to explain the concept of new metrics, and ability to evaluate employees with new metrics.

Which of the following is a performance measurement tool that looks at four areas that can help a company succeed?

b) Isolating critical few metrics: A dashboard should not have overwhelming metrics as it gets complicated to segment or highlight the performance. Having too many metrics is difficult for audience to ascertain what the key take away from all such metrics are. As it can be misleading it is recommended to have 5 key metrics. If there are more than 5 its best to make it more concise and shortlist the critical few which are impactful. Within the dashboard it is vital to understand what key metrics mean and set goals for each metric to drive the bottom line of the business. Dashboard must articulate the decision making process.

Employee performance is a performance criteria standard of an employee, they must have good behaviour and mustn’t do anything bad like waste time. Employees are rated on how well they do their jobs compared with a set of standards determined by the employer.

The Key Performance Indicator focus on the objectives and goals of a company’s performance, it is a way for the company to determine if they are on the right track toward their goal and objective. This is a way for managers and leaders to have a better understanding if they company is on track to success or not (Pirlog, R., & Balint, A. O.,2016,p.175).There are four main areas that use the KPI, which is revenue improvement, cost reduction, process cycle-time improvement, and increased customer satisfaction. However Charlotte Russe does employ the Key Performance Indicator which uses many different KPIs to measure the customer service strategy. Some of the KPIs that are used to measure the strategy are overall satisfaction, conversion rate,

When it comes to key performance indicators, Cabrey & Haughey (2014) note three metrics that are customarily used. Those metrics are customer satisfaction, cost reduction, and sales and/or profits. A fourth metric that is often used is employee morale. To measure the success of its change initiative, the league must measure the satisfaction of its fans, whether or not it is saving money on its legal issues, and whether or not ticket sales are increasing.

Darius, performance metrics is a way for the company to measure the employee productivity. Companies such as Verizon’s do measure the employee by the number of sales the employee get from signing people up for new services. However, not only are they looking for their employees to provide customer with new contact but also what them to sell the products as well. They can look and see in the system who is making the most in sales and who is not doing so good in selling. Training opportunity can be mention to the employee to help him or her to get up to speed with the other employees that are doing good. Managers providing their employee with feedback and also goals that they have for the month will give the employee an idea of how they doing.

Nonfinancial measures can also be used to measure performance. “Nonfinancial, or qualitative, factors also play a role in managers’ decisions and, as a result, can be relevant” (Nobles et al., 2014). In fact, just like relevant financial information, relevant qualitative information provides the same traits (Nobles et al., 2014). Here are a few suggestions for nonfinancial performance measures that the company should take on. Peyton Approved should include customer and employee satisfaction, employee evaluations, provide training for all new and old workers, look at inefficiencies, indefinite assets, balanced scorecards, and even incorporate a reward plan. Incorporating any of these suggestions though will include pros and cons.

Performance measures may be selected to directly measure areas that provide competitive advantage and that increase customer and

The validity and effectiveness of the patient advocacy program can be measured using key performance indicators or KPIs. KPIs are defined as a “set of quantifiable measures that a company or industry uses to gauge or compare performance in terms of meeting their strategic and operational goals” (Investopedia, 2015). The KPIs chosen for JPS should reflect its goals. As shown in the Fishbone diagram, healthcare providers are tasked with multiple moving parts such as patient care, facility management (environment) and emergency room conditions. Therefore, the three KPIs that will support this process change and continuously measured to success are time to healthcare, lab turnaround time, and ER waiting times.

Jonah recommends three metrics which are throughput, inventory and operating expenses. The throughput, inventory and operating expenses are used to measure the company’s productivity. Throughput is the rate at which the system generates revenue through sales and it is seen as money going into the system. Inventory is all the money that the system has invested in purchasing materials which is sold and it is seen as the money stuck in the system. Operating expense is all the money the system spends in order to turn inventory into throughput and it seen as the money being paid out the system. Starbucks coffee shop could use throughput, inventory, and operating expense as a measurement to meet their goal. When an employee is serving various customers the three metrics can be helpful to target the product flow, understand adding value and non-adding value of activities, and how to utilize resources. For example, Starbuck’s coffee shop would use these three metrics to help create a technique to manage excessive demand such as having a server at each operational level. This would speed up customers order and decrease customers

I have truly enjoyed this course and the insight and perspective it has afforded me with regard to metrics and outcome measures. I have used data and outcome measures regularly throughout my career and particularity since I have been in leadership positions, but it was this course that helped me to understand the power behind the information. Through this course I have learned how outcome measures can be used to tell a story regarding performance, measure progress when changes are made and to elicit buy-in from interdisciplinary team members and administration when working to achieve a common goal. Outcome measures allow administrators and healthcare providers to discuss issues on common ground and in terms that both sides can understand. In my experience, physicians tend to be very data driven. By showing physicians the quantitative data that can be measured and evaluated enables the dialogue to occur that can help to align the organizational mission, vision and goals. This course also helped me to recognize the importance for qualitative data and metrics. I tend to be very focused on numbers and hence am drawn to quantitative data. I now see that assessing the qualitative data via techniques such as surveys and opinion polls can help to assess

It usually uses the questionnaire to evaluate nine dimensions: salary benefits, colleague’s interaction, career growth and development, workloads, the mode of communication, the working schedules and procedures which represents general view of satisfaction (Kirby & Richard, 2000). For each segment or item there are two option choices which are “strongly agree” and” strongly disagree” or four by additional “Agree,” or “somewhat agree” by which the respondent is required to the answer. This data is recorded in the research process to ensure future reference. It is used as a tool to determine the burning issue among the employee that could be a hindrance to their performance (Knopp, 1995). It scores as one of the best job satisfaction evaluation too. For instance, a sample of Job satisfaction survey (JSS) is shown below.

Supply chain metrics can be used to align processes of all firms within the long term partnership supply chain and create a competitive advantage of lower costs. Supply chain metrics are typically used to determine how the company is preforming and how much capital investment is tied to inventory in comparison to