How to Measure Anything: Finding the Value of Intangibles in Business
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The most important questions of life are indeed, for the most part, really only problems of probability. —Pierre Simon Laplace, Théorie Analytique des Probabilités, 1812” Much of the value we’ve generated for our clients has come through measuring variables that the client thought were either irrelevant or too difficult to measure. But often, these variables provide far more value than anyone thought! If you followed the first three steps, then you’ve defined a variable you want to measure in terms of the decision it affects and how you observe it, you’ve quantified your uncertainty about it, and you’ve calculated the value of gaining additional information about it. Now it’s time to reduce your uncertainty about the variable – that is, to measure it.
How to Measure Anything Book | Douglas Hubbard
How does a biologist measure the number of fish in a lake? SHe catches and tags a sample of fish – say, 1000 of them – and then releases them. After the fish have had time to spread amongst the rest of the population, she’ll catch another sample of fish. Suppose she caught 1000 fish again, and 50 of them were tagged. This would mean 5% of the fish were tagged, and thus that were about 20,000 fish in the entire lake. (See Hubbard’s book for the details on how to calculate the 90% CI.)I think what must be intended is: your definition is for the EOL of an option. Now the EOL of a choice is the EOL of the option we choose given current beliefs. Then EVI is the expected reduction in EOL upon measurement. As far as the propositions of mathematics refer to reality, they are not certain; and as far as they are certain, they do not refer to reality. —Albert Einstein (1879–1955)” Can the thing be forced to occur under new conditions which allow you to observe it more easily? E.g. you could implement a proposed returned-items policy in some stores but not others and compare the outcomes.
How to Measure Anything: Finding the Value of Intangibles in How to Measure Anything: Finding the Value of Intangibles in
How to Measure Anything has sold over 100,000 copies – making it one of the bestselling business math books of all time. Written in American English, Hungarian, Portuguese, Russian, and Chinese, this book explains how anything can be measured. How to Measure Anything reveals the power of measurement in our understanding of business and the world at large. This book shows you how to measure those things in your business that until now you may have considered “immeasurable,” including technology ROI, organizational flexibility, customer satisfaction, and technology risk. Hanson's homo hypocritus idea may also be relevant. Perhaps, even subconsciously, people avoid measuring the dimensions or directions that will add a lot of info because they want to both (a) vociferously claim that they did measure stuff and the measures didn't help and (b) avoid any culpability for implementing changes they don't politically control, such as changes indicated by measuring very informative directions.It is the mark of an educated mind to rest satisfied with the degree of precision which the nature of the subject admits and not to seek exactness where only an approximation is possible. —Aristotle (384 b.c.–322 b.c.)”
How to Measure Anything in Cybersecurity Risk How to Measure Anything in Cybersecurity Risk
For example] if, hypothetically, we know that only 20% of the population will continue to shop at our store, then we can determine the chance [that] exactly 15 out of 20 would say so… [The details are explained in the book.] Then we can invert the problem with Bayes’ theorem to compute the chance that only 20% of the population will continue to shop there given [that] 15 out of 20 said so in a random sample. We would find that chance to be very nearly zero… Just recently the task before me was to implement an object selection feature in an app I'm working on.
No matter how “fuzzy” the measurement is, it’s still a measurement if it tells you more than you knew before.