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Flashcards in Measurement Deck (15)
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1
Q

Characteristics of Ideal Measures

A
  1. Simple
  2. Easily Obtainable (ease of collection & ease of calculation)
  3. Precisely definable
  4. Objective
  5. Valid
  6. Robust
2
Q

Simple

A

measures should be easy to understand, straighforward and understandable

3
Q

Easily Obtainable

A
  • Ease of Collection: How easy are the measures to collect?
  • Ease of Calculation: How easy can you calculate useful information from the source data? Counts & simple ratios are easy to calculate.
4
Q

Precisely definable

A

Measures should be clearly defined so that they can be applied and evaluated consistently (specific rules, being followed uniformly)

5
Q

Objective

A

2+ observers should arrive at the same conclusion (same value) for the measure

6
Q

Valid

A

should measure the property it is intended to measure

7
Q

Robust

A

Measures should be insensitive to insignificant changes in the process or product
ex: in baseball, changing the height of the baseball mound is robust

8
Q

Units or designations

A

What is the most appropriate unit of measure? Will this unit of measure be the most beneficial for ease of collection and calculation of data?

9
Q

Precision

A

How accurate should the count be? Involves things such as determining the number of decimal places that should be used. Associated with materiality

10
Q

Materiality

A

refers to knowing when it becomes irrelevant to be more precise with your measurement because it will have a negligible impact on the meaning of measure or the impact of the information on the decision

11
Q

Types of measure

A
  1. counts
  2. ratios & comparisons
  3. averages & weighted averages
  4. differentiation on a characteristic
12
Q

inventory variance

A

Actual Inventory - Expected Inventory Level, where Expected Inventory Level = Beginning Count + Purchases - Sales

13
Q

defect ratios

A

of defective products/ total # of products

14
Q

efficiency ratios

A

Output quality/input quality

15
Q

Percent increase/decrease

A

(Later Value-Base Value)/Base Value