Question

IN 200 WORDS OR MORE

Determine how process metrics could determine statistical patterns. Give an example

Answer 1

Process metrics are generally the measures by which one can tally the performance/growth improvement of a process or individual's performance.

Process metrics are like key performance indicators against any effort/process/plan. These metric can be different with respect to every phase/role. Generally when you show these process metrics they tend to provide you a statistical pattern on a chart or a table.

These metrics are represented in front of the leadership or management for them to take critical decisions for individual as well as company's benefit. Any metric can be represented as statiscal pattern, for example consider a spend on vendors for an Investment Bank. Generally banks have a process of finding preferred and non-preferred vendors. Once a vendor is preferred, the Investment bank do business with the vendor again and again. Now if you want to see the spend on this vendor for each month/each year etc. , you will find that the spend on this vendor will form a statistical pattern which can be an incresing bar chart, a trendline chart or a pivot table pivoted on year and month.

These KPI's will form a pattern which will help someone to analyse the growth(positive or negative) with some parameter. These metrics can be even present in setting appraisal goals in performance process or to improve the savings in a particular project by analysing the unuseful spend.

The metrics are presented through different tools, which may differ as per the requirements of the process. Metrics can be placed at any level and can be watched continously to improve the efficiency and effectiveness of a process/performance.

As i provided an example already that, Spend on a preferred vendor is a statical pattern for a number of months/years selected.