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26 Cards in this Set
- Front
- Back
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Measurement |
The act of obtaining data associated with a metric.
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Measures
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Numerical values associated with a metric
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Metrics
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A unit of measurement that provides a way to objectively quantify performance
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Discrete Metric
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A metric that is derived from counting something
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Continuous Metric
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Based on a continuous scale of measurement
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Lagging measures
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Return on Investment (ROI); An outcome
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Leading measures
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Performance Drivers; Employee Attitude (Think of Sears) / Absenteeism / Safety
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Population
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Consists of all items of interest for a particular decision or investigation
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Sample
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A subset of all items of interest
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Balance Scorecard
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Looks at the company internally and externally. Looks at the different stakeholders.
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Financial Perspective
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This is what we expect; Profitability and ROI
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Internal Perspective
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Is our productivity and cycle time
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Customer Perspective
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How well our customers are enjoying our products/ Satisfaction Ratings / Repeat Business / Complaints
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Innovation and learning perspective
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How well our employees are enjoying their jobs. IE – If employees are enjoying their jobs then they will be more productive and creative
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Cross-Section
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Data this are collected over a single period of time
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Time Series
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data collected over time
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Univariate
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data consisting of one variable
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Multivariate
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data consisting of 2 or more variables
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Category (Nominal Data)
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data sorted into mutually exclusive (an observation cannot belong to more than one category) categories
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Ordinal Data
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ordered or ranked according to some relationship to one another
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Interval Data
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ordered and characterized by a specified measure of distance between observations but with no natural zero
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Ratio Data
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have a natural zero
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Descriptive Statistics
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The process of collection organization and description of data
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Statistical Inference
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The process of drawing conclusions about unknown characteristics of a population based on sample data
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Predictive Statistics
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The process of developing predictions of future values based on historical data
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Geographical Region
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Categorical Data |
