Free Essay - The Application of Data and Primary Statistics

1. What are the main points of the review materials?

The review materials that have been presented addressed the application of data and primary statistics. The other materials have addressed the issue of developing Key Performance Indicators and Key Performance Questions. These are some of the vital activities that are everyone at some time attempts to do.

Is your time best spent reading someone else’s essay? Get a 100% original essay FROM A CERTIFIED WRITER!

Order now

2. Discuss how the reading/videos relate to your personal experiences.

These materials significantly relate to my personal experiences; in that, I used to get worried about how the performances were measured at my place of work. However, with the knowledge of the development of KPI and KPQ, it is easy to now comprehend how such things used to take place. Additionally, the video of various aspects like the use of qualitative and quantitative data are highly relatable to me. It is difficult to, at times, place a value in some qualities obtained. I liked the materials since they fit in well with my experiences (Marr, n.d).

3. How have the readings/videos changed or reaffirmed your previously held assumptions

The video and reading have reaffirmed my previously held assumptions of how certain rankings have been developed. For instance, the video has highlighted how qualitative data is developed based on the qualities at hand that cannot be quantifiable. Similarly, I have learned that information can be classified using quantitative data where one can measure or attach numbers to specific variables of indicators that are being measured.

4. Why is this important?

This is important to me since now I can approach issues with different perspectives rather than just using my previously helpful assumption on various measures.

5. As a leader how would you utilize this information in your organization?

As a leader, I would utilize this information in my organization is developing various KPI and KPQs that will help the employees in improving their performance. The information is also important since it has highlighted the benefits of involving various stakeholders in the development of the performance questions or indicators. The involvement of the stakeholders ensures that their vital input is considered in the development of the final indicators of performance or productivity. I believe, as a leader, I can increase my efficiency in measuring the performance of employees, understanding their strengths and weakness, and learning the best ways to reward and motivate them to perform better.

6. WOW - The one thing that surprised me was....

The one thing that surprised me was the story in the video about the origin of horses in the US. I wowed how they measured the heights of the horses using hands and how these measurements were distributed. The distribution of the heights of the horses can be presented in various formats that ensure that it is easy to understand the most common height of horses and extremes cases (Oleybar, n.d). This was amazing information.

Answer questions you have been hired as a data consultant for XYZ Corp. On your first day of work, you realized that managers at XYZ Corp are struggling to understand the reasons for KPIs. You decided to hold a short meeting to explain why effective managers should understand the performance of all key dimensions of their business by distilling them down into critical KPIs.

1. Four elements that address the purpose of KPI during the design

The four key elements of addressing the purpose of the KPI during design is the strategic objective, key performance questions, the party asking the questions, and what the information will be used for. This information is crucial for XYZ Corp since these indicators can help them accomplish their organizational goals (Marr, 2010).

2. Within an individual KPI what information needs to be identified?

The information that needs to be identified in a basic indicator is a unique identification that will be used to track that given parameter. The second information that is critical is the indicator's name that clearly explains the indicators. Thirdly, the KPI owner will identify the individual accountable for that particular performance against the indicator. It is important for XYZ Corp management to master these aspects for them to be successful in using various indicators.

3. How do KPIs help XYZ to look into the future?

The KPIs will help XYZ Corp to look into the future since these KPIs will be linked to the organizational goals or objectives that need to be met. Therefore, with the indicators, it will be easy to bring the right people, learn where to improve, and record the progress toward attaining the common organizational goal.

References

Marr, B (n.d). "6 Simple Steps To Great Key Performance Questions (KPQs)?" Bernard Marr. Retrieved 21 September 2019, from https://www.bernardmarr.com/default.asp?contentID=976

Marr, B. (2010) How to design Key Performance Indicators, Management Case Study. The Advanced Performance Institute (www.ap-institute.com).

Oleybar, J. (n.d) "Discovering Math Primary Statistics and Data Analysis." YouTube. Retrieved 21 September 2019, from https://www.youtube.com/watch?time_continue=340&v=L69WqLMJceU