What gets measured gets managed. You would have heard this several times. There is so much focus on measuring and reporting all data that is easily available. This leads to information overload. Colorful charts on the projector screen scream for attention. Quite often, teams waste energy and time on meaningless reports. What are you monitoring? What are your goals? Are you chasing the right goals?
Performance reports and dashboards often report the average values. When measured alone, averages tend to lie. Understanding the variation along with the average performance and addressing the root causes for variation will help you better conform to customer expectations.
“For a report to be actionable, it must demonstrate clear cause and effect”. Eric Ries made this argument in his bestselling book “The Lean Startup”. He is right to stress on the importance of monitoring actionable metrics. Quite often we get into the trap of vanity metrics. Either these vanity metrics look good or the data is easily available. However, as the name suggests, these do not lead to any action as cause and effect are not established. Have you identified actionable metrics for your business? What metrics do you monitor?
Our judgement, reactions and actions are influenced by our instincts and bias. Our experiences and learnings influence our instincts and bias. In life and at work, perception bias affects our judgement. Most of the times, we do not realize the implications of perception bias. Here are 3 tips to minimize the effects of bias.
The focus of this article is people management. What are the key skills for effective management? I will share three skills you can develop and master for managing your people and earning their trust.
It won’t be incorrect to state that some trivial and unnecessary expenses get ignored during business reviews. The impact of saving such expenses is so miniscule that the management does not bother reviewing them. However, I recommend you question every single line item. What seems trivial may have a very significant impact.