A Professional's Guide to Decision Science and Problem Solving: Define the Objectives and Identify Metrics
- 1.1 Chapter Topic
- 1.2 Key Corporate Participants
- 1.3 Management Steps Required to Execute the Approach
- 1.4 Solving the Right Problem
- 1.5 Developing an Understanding of the Problem
- 1.6 Defining Goals and Objectives of a Company or Organization
- 1.7 Defining the Framework for the Decisions Being Made
- 1.8 Metrics for Measuring Success
- 1.9 Definition of a Metric
- 1.10 Developing Decision Criteria and Metrics
- 1.11 Data Used to Support Metrics
- 1.12 Structure and Definition of the Problem
- 1.13 Key Concepts in Defining the Objectives
This chapter is from the book
This chapter is from the book
This chapter is from the book
1.1 Chapter Topic
This chapter discusses the importance of clearly articulating and documenting the objectives of a corporation. Each of the multiple functions within a company has different objectives with differing importance. Many of the high-level objectives of the corporation may be conflicting. Senior management must articulate these objectives and reach an overall consensus of the weight of importance of these objectives if the corporation is to improve and measure the success of meeting them. This chapter also discusses the development of decision criteria and metrics. This involves defining specific quantifiable measures to determine whether the objectives are met. You need to capture the weights or importance of these decision criteria and metrics to appropriately measure improvement.