PSY4807: Chapter 3: * ‘Measurement: is the transformation of psychological attributes into numbers’ * Properties of measurement scales: three key principles – magnitude – Is the measure of moreness – whether a measure is more, less of equal to another attribute. 2) Equal interval – distance between each interval is equal (6cm-8cm is the same interval as 10cm-12cm). 3) Absolute zero: nothing present of the attribute being tested. I.e 0 cm tall. Not the same for measuring intelligence,
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1. Performance Measurement Performance measurement is a way of evaluating employees and organisations progress, by collecting information of a specific time period and measure them, tell us how the business has been profitable. Performance Measure Tells us how the different performance on all levels of an organisation has been, such as financial and nonfinancial measures. By knowing them we can make changes to the organization so it becomes more profitable. 2. Basic types of Performance
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Objective Understanding that the financial situation is the foundation to support the ongoing program and contracture operation, and our first priority is to strengthen our financial circumstances. According to the 2009 statement of financial performance report, the revenue generated from museum tickets and the café and gift shop operations have exceeded our expectations. The café and gift shop operations can be our focus next year. Besides, the majority of funding is from local sponsorships.
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organization. Key Metrics and Examples "Because managers are responsible for utilizing organizational resources in a way that maximizes an organization’s ability to create value, it is important to understand how they evaluate organizational performance" (Jones, 2010, p. 15). The three key metrics for an effective organization are control, innovation, and efficiency. The first key metric is control which is defined as focusing on the customers, stakeholders, and internal and external resources
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The Five Traps of Performance Measurement by Andrew Likierman In an episode of Frasier, the television sitcom that follows the fortunes of a Seattle-based psychoanalyst, the eponymous hero’s brother gloomily summarizes a task ahead: “Difficult and boring—my favorite combination.” If this is your reaction to the challenge of improving the measurement of your organization’s performance, you are not alone. In my experience, most senior executives find it an onerous if not threatening task. Thus they
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Case Armco Case Study: Armco, Inc.: Midwestern Steel Division What do you think was the problem with the implementation of the new performance measurement system? In January 1991, Top management of the Kansas City Works of Armco’s Midwestern Steel division began implementing its new performance measurement system. It was designed to give better management focus on the things, which are most important. The new system included less data’s: it allows managers to focus on the 5-6 more important
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system of control would require better measures of per¬formance. To meet this need, the company established a measurements project and created a special organizational unit to carry out this project. This case summarizes the main features of this project, with particular emphasis on measuring performance of the operating (i.e., product) departments. The Measurements Project The measurements project was established in 1952. Responsibility for the proj¬ect was assigned to accounting services, one of
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Smith Brothers Security Blinds Illustrative Case Fictional case for Seminar 3in-class exercises (Introduction to performance measurement) Case objective: To give students the opportunity to (i) differentiate between performance dimensions and performance measures, (ii) to devise performance measures, and (iii) to evaluate performance measures using a comprehensive framework. Case: Smith Brothers Security Blinds is a sales and manufacturing organisation, with locally made security blinds as the
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the lowest price would lead to much higher carrying costs. Answer (C) is incorrect. Standards should be set tightly enough to provide motivation to purchasing management. Answer (D) is correct. Standard prices are designed for internal performance measurement. Standards should be attainable, but not so easily as to not provide motivation. Management should decide its objectives and set a standard that will achieve that objective when the standard is met. For example, the lowest price might
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