MIS5101 Week 3: Data-Driven Management

Common Terminology Data Warehouse: a large store of data accumulated from a wide range of sources within a company and used to guide management decisions. Data: information  that has been translated into a form that is efficient for movement or processing. Common Terminology KPI: Key Performance Indicator – how you measure your success Data Lake: a way to describe any large data pool in which the schema and data requirements are not defined until the data is queried.

Discuss (5 minutes) Based on the readings… What is a Key Performance Indicator? How does it facilitate Scientific Management? What are the pros and cons of data-driven management?

What is scientific management? How are the topics we’ve discussed so far in this course consistent with scientific management?

Does the proliferation of information technology make “scientific management” more or less relevant? Source: Wikipedia (http://en.wikipedia.org/wiki/File:Musterarbeitsplatz.png)

Key Performance Indicators Specific Measurable Achievable Relevant Time-phased Key Performance Indicators KPIs are how you measure your success – my guess is that if you are all familiar with how you measure your success. Chances are that the data can be used to support this!

What is important to you. Is it where people are coming from What is important to you? Is it where people are coming from? Is it how long they spend on your page or how many clicks it takes for them to find the answer? You’ve got to decide that and then use that to craft your KPIs. Your KPIs should be easy to understand and share across departments. I should be able to look at your KPIs as an outsider and understand at least somewhat what is happening… What are some KPIs in the Digital Space Quick review of each of these, what they mean, why they are important to you and your organization when making decisions on how to proceed Are they important to you – maybe? Maybe there are others. I know some people that think engagement means nothing and won’t use it – but many people in the industry consider this to be the gold standard. https://www.linkedin.com/pulse/7-most-important-digital-marketing-kpis-track-rameshwar-thakur

What do these have in common? KPI Criteria: SMART Specific purpose for the business Measurable Achievable by the organization Relevant to success Time-phased What do these have in common?

Why might there be resistance? In management consulting? In healthcare? In sports management? So what should you do as a manager?