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Measurement Methods for Industry Drivers

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Describe measurement methods for industry drivers. Why is measurement important to companies and industries? Some examples of uses of measurements are listed here:

External reporting
Budgeting
Performance measurements and assessment
Operations control and improvement
Strategy implementation evaluation

Choose an industry and identify three of its global drivers. How would you collect the necessary information to measure the impact of these drivers? How will this information be interpreted by companies in that industry? Explain your answer using course concepts.

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Solution Summary

This solution discusses measurement methods for industry drivers and discusses their importance to companies and industries.

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Measurement is very important to any company that is serious about its processes and wishes to remain in the competition. Consequently, measurement is the driving force behind a company's operations, enabling the company to not only be aware of its processes, but also understand whether or not those processes are benefitting the company and in which way they are doing so. With that said, the following measurement methods are some of the most important ones companies use:

1)Budgeting-Is a must. No organization can thrive without a budget. Budgeting allows managers to operate within the constraints of organizational goals and ...

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Carmel Philistin, MBA/HCM
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  • BA, Brooklyn College
  • MBA/HCM, Phoenix University
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