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Performance measurement is the process of collecting, analyzing and/or reporting information regarding the performance of an individual, group, organization, system or component. [dubious – discuss] [1] Definitions of performance measurement tend to be predicated upon an assumption about why the performance is being measured. [2]
Measurement is the quantification of attributes of an object or event, which can be used to compare with other objects or events. [1] [2] In other words, measurement is a process of determining how large or small a physical quantity is as compared to a basic reference quantity of the same kind. [3]
Producing good measurements is important in industry as it has an impact on the value and quality of the end product, and a 10–15% impact on production costs. [6] Although the emphasis in this area of metrology is on the measurements themselves, traceability of the measuring-device calibration is necessary to ensure confidence in the measurement.
This means the measure has a Specific purpose for the business, it is Measurable to really get a value of the KPI, the defined norms have to be Achievable, the improvement of a KPI has to be Relevant to the success of the organization, and finally it must be Time phased, which means the value or outcomes are shown for a predefined and relevant ...
A measurement system analysis (MSA) is a thorough assessment of a measurement process, and typically includes a specially designed experiment that seeks to identify the components of variation in that measurement process. Just as processes that produce a product may vary, the process of obtaining measurements and data may also have variation ...
Benchmarking is the practice of comparing business processes and performance metrics to industry bests and best practices from other companies. Dimensions typically measured are quality, time and cost.
A physical measure can measure the quantity of a variable with unchanged quality. Using a physical measure provides that the quality of the measurement object has been specified and the quality remains homogeneous. If the presumed unchanged quality is not realized, the measurement gives results which are hard to interpret.
HR metrics is important because it allows organizations to make the connection between the value of what HR is doing and the outcomes of the business. If HR professionals don't measure their function's effectiveness and providing decision-making leaders the data they need, HR will continue to be undermined and eventually sidelined when it comes ...