Measurements and management decision making
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What measurements are the most informative in management decision making?
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This solution provides an explanation regarding measurements in management decision making.
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The measures provide feedback to organizations in order to assist in implementing strategies and objectives. Feedback allows these changes to be identified and adjustments to be made. Feedback in the strategic-management process promotes the creation of a climate for two-way communication and, thus, allows esprit de corps to be achieved in an organization. Therefore most desired outcomes are common to all types of organizations. Here are some categories of critical measurements to take important decisions:
1. Customer Satisfaction and Quality - Ratings and performance standards for measuring and reporting how well you meet customer requirements.
2. Efficiency and Effectiveness - Many services must be delivered in an efficient and effective manner. For example, timeliness is often a good indicator of efficiency. If you do the "right things," this should get reflected in the form of effectiveness.
3. Resources and Utilization: The ability to maximize the use of fixed assets and equity is a ...
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