Lesson 2 Overview

 

Introduction

Welcome to Lesson 2 of COMM 310. In lesson 2, we will discuss how companies go about collecting data for decision making. In doing so, we will distinguish between variables and metrics and begin to discuss KPIs.

Measurement is at the heart of managing performance. Only by defining appropriate metrics and comparing them both over time and to the industry as a whole can you assess how well a business is doing. However, metrics are costly to track. Managers have to be judicious about selecting the appropriate metrics for the task at hand. This lesson discusses the qualities of a good metric; it should be

• meaningful,
• quantifiable,
• simple,
• timely,
• cost-effective,
• actionable,
• widely understood,
• reliable, and
• valid.

However, it is rare to find a metric that satisfies all these criteria. As in many other business situations, the goal of the digital media analyst is to balance multiple criteria, creating solutions that satisfy the requirements, without aiming for an ideal solution that may not exist.

Objectives

Here are the objectives for this lesson:

• Understand why organizations use data for decision-making.
• Distinguish between the four levels of measurement.
• Define types of metrics.
• Identify KPIs.

Lesson Readings and Activities

By the end of this lesson, please complete the readings and activities listed in the Lesson 2 Course Schedule.