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- 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
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This chapter is from the book
This chapter is from the book
This chapter is from the book
This chapter is from the book
1.13 Key Concepts in Defining the Objectives
Following are the key points of this chapter:
- Groundwork in understanding and defining the problems facing a corporation is essential to bring to light functional areas requiring improvement. They need to determine the scope of functional areas that may be impacted.
- It is necessary to establish corporate objectives to strategically define the direction of a company. This requires consensus among decision makers.
- A corporation has multiple conflicting objectives that require the balancing of cross-function activities.
- Decision criteria and metrics provide quantifiable measures that can be driven down into the corporate decisions so that activities meet the corporate objectives.
- Understanding the data required and data available to support corporate metrics facilitates the measurement of the key metrics and contribution to accomplishing corporate objectives.
- Subjective data or opinions provide insights into a subjective assessment of a metric. Subjective data and expert opinions are typically forward looking in nature, trying to predict what will happen in the future as opposed to statistical analysis that deals with historical data.
- It is important to weight the objectives and metrics across all executives to gain a consensus in the direction of the company.
- Senior executives must be involved in this initial step of the process to establish the corporate objectives that can drive the cross-functional problem solving effort.
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