In: Operations Management
Solution:
Measurement is a process of quantifying a particular aspect that we wish to measure. Hence, presenting any aspect in a quantitative way is the outcome of us measuring that aspect. Hence, we need to measure in order to quantify the various attributes. Hence, this is what measure essentially means.
We can measure any activity that is quantifiable. This means the entity that we wish to measure should have a dimension based on which we will measure that entity. For every entity that is measured, there will be a dimension that is associated with that measure.
It is possible to measure almost everything. We can definitely measure the tangible items but we can also measure the intangible items with certain assumptions that help us in quantifying such intangible items and help us in measuring them. For example, 5 apples is a measurement of a tangible item and I love you very much is an example of the intangible item. Hence this is how we can measure tangible and intangible items.