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How to Measure Anything: Finding the Value of Intangibles in Business
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From the Inside Flap
Anything can be measured. This bold assertion is the key to solving many problems in business and life in general. The myth that certain things can’t be measured is a significant drain on our nation’s economy, public welfare, the environment, and even national security. In fact, the chances are good that some part of your life or your professional responsibilities is greatly harmed by a lack of measurement – by you, your firm, or even your government. Regardless of your role in business, understanding the power of measurement will make you, those around you, and your organization more efficient and productive. Using simple concepts to illustrate the hands-on application of advanced statistical techniques, How to Measure Anything, Third Edition reveals the power of measurement in our understanding of business and the world at large. This insightful and engaging book shows you how to measure those things in your business that you may have previously considered immeasurable, including: customer satisfaction, organizational flexibility, technology ROI, and technology risk. Offering examples that will get you to attempt measurements—even when it seems impossible—this book provides you with the underlying knowledge and the necessary steps for measuring anything, especially uncertainty and risk. This revised third edition provides even deeper insights into the fascinating practice of measuring intangibles, with a special emphasis on risk management and customer satisfaction. New and updated chapters also include: A philosophical discussion of different approaches to probabilities, including what is known as the “Bayesian” vs. “frequentist” interpretations of probability Information compiled from other popular works and compelling articles from Douglas W. Hubbard Enlightening new examples of where seemingly impossible measurements were resolved with surprisingly simple methods More measurement myths and other perceived obstacles to measurement debunked A complete and updated resource with real-world case studies and an easy-to-follow format, How to Measure Anything, Third Edition illustrates how author Douglas Hubbard—creator of Applied Information Economics—has successfully applied his approach across various industries. You’ll learn how any problem, no matter how difficult, ill-defined, or uncertain, can lend itself to measurement using proven methods. Straightforward and accessible, this is the resource you’ll turn to again and again to measure the seemingly immeasurable.
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From the Back Cover
Praise for the second edition of How to Measure Anything: Finding the Value of “Intangibles” in Business “How to Measure Anything was already my favorite book (just ahead of Hubbard’s second book, The Failure of Risk Management) and one I actively promote to my students and colleagues. But the Second Edition, improving on the already exquisite first edition, is an achievement of its own. As a physicist and economist, I applied these techniques in several fields for several years. For the first time, somebody wrote together all these concerns on one canvas that is at the same time accessible to a broad audience and applicable by specialists. This book is a must for students and experts in the field of analysis (in general) and decision-making.” —Dr. JOHAN BRAET, University of Antwerp, Faculty of Applied Economics, Risk Management and Innovation “Doug Hubbard’s book is a marvelous tutorial on how to define sound metrics to justify and manage complex programs. It is a must-read for anyone concerned about mitigating the risks involved with capital planning, investment decisions, and program management.” —JIM FLYZIK, former Government CIO, White House Technology Advisor and CIO magazine Hall of Fame Inductee Praise for the first edition—The bestselling Business Math book two years in a row! “I love this book. Douglas Hubbard helps us create a path to know the answer to almost any question, in business, in science, or in life . . . How to Measure Anything provides just the tools most of us need to measure anything better, to gain that insight, to make progress, and to succeed.” —PETER TIPPETT, PhD, MD, Chief Technology Officer, CyberTrust, and inventor of the first antivirus software “Interestingly written and full of case studies and rich examples, Hubbard’s book is a valuable resource for those who routinely make decisions involving uncertainty. This book is readable and quite entertaining, and even those who consider themselves averse to statistics may find it highly approachable.” —Strategic Finance “This book is remarkable in its range of measurement applications and its clarity of style. A must-read for every professional who has ever exclaimed, ‘Sure, that concept is important, but can we measure it?’” —Dr. JACK STENNER, cofounder and CEO of MetaMetrics, Inc. “Hubbard has made a career of finding ways to measure things that other folks thought were immeasurable. Quality? The value of telecommuting? The benefits of greater IT security? Public image? He says it can be done—and without breaking the bank . . . If you’d like to fare better in the project-approval wars, take a look at this book.” —ComputerWorld
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Product details
Hardcover: 432 pages
Publisher: Wiley; 3 edition (March 17, 2014)
Language: English
ISBN-10: 9781118539279
ISBN-13: 978-1118539279
ASIN: 1118539273
Product Dimensions:
5.9 x 1.2 x 8.9 inches
Shipping Weight: 1.6 pounds (View shipping rates and policies)
Average Customer Review:
4.5 out of 5 stars
157 customer reviews
Amazon Best Sellers Rank:
#22,877 in Books (See Top 100 in Books)
This was a required text for a class for my Masters of Science in Organizational Leadership. I was terrified-I thought this was a statistics course. I had nothing to fear. This guy is a genius. The formulas he has developed to measure things that you would assume are impossible to measure are amazing. You don't need to know math-the equations are in the excel spreadsheets you download! Think of something you don't think you could measure. You can measure it, and this book shows you how. Very interesting and understandable, even for a math dummy like me.
My Ph.D. coursework revolved around advanced quantitative methods, and therefore I did consider many real-world things to be immeasurable. Indeed, lots of practical cases involve small sample sizes, a large number of factors that can influence the outcome, and many other sources of uncertainty. Such problems are not very amenable to advanced quantitative methods. They may appear absolutely hopeless, but not if you switch to the decision making framework described in this book.One simple idea is that, as long as the experiment reduces the costly uncertainty by the amount that is larger than the cost of research, it is worth performing. For instance, many experiments that may appear meaningless to a "classical" statistician because of their small sample size can be well justified once the benefit of uncertainty reduction is taken into account. The flipside is that if a study is well funded, well designed and replicated from the statistical viewpoint, it can still be useless. If our goal is to reduce the uncertainty to below a pre-specified threshold, then the "statistically" large sample size may still be unable to do the job. If the study is too expensive compared to the value of reduced uncertainty, it is not worth doing either. Another negative scenario is when we invest resources into measuring a variable that would make a small contribution to the uncertainty of the final outcome even if we knew the exact distribution of the variable.The book provides numerous examples that would be hard to crack for a "classical" statistician, and yet they are very amenable to the Applied Information Economics method developed by Mr. Hubbard. I can highly recommend it to all who "do not believe in statistics", as well as to the young quantitative analysts who want to expand the set of applications they can handle successfully.
Highly recommended.Most capital investments are poorly analyzed. Doug Hubbard provides remedies for the common shortcomings: o Typical cost-benefit analyses use single-value best estimates for inputs; these ignore or inadequately address risk and uncertainty. Also, often, important benefits are omitted because they are "intangibles" such as "improved customer service." Remedies in the book: Capture expert judgments as probability distributions; then solve the forecast model with Monte Carlo simulation. Decompose and explicitly represent former-intangibles in measurable units. o Multi-criteria scoring approaches often feel good yet have little theoretical foundation. They are entirely subjective and have not been shown to improve decision-making. Remedy: clarify the business (or other) objective and craft a quantified decision policy accordingly. Judge and/or model inputs in meaningful, quantitative terms.Everything important to a decision should be in a forecasting model. And everything in those models is either structural or quantified.For me, three primary themes emerge in the book:1. Calibration. Hubbard asserts that everything can be quantified--and he enjoys challenging individuals and groups to find any exception. Most people, even if expert in their field, are biased when making judgments. Hubbard shows ways to "calibrate" these experts (including the reader) with perhaps a half-day of practice. Most readers (as did I) will find that they initially fare poorly on the engaging calibration exercises in the book. We suffer from overconfidence and other cognitive biases. With feedback and practice, most people can quickly improve at assessing probabilities and probability distributions, and confidence ranges.2. What needs to be measured further? The most interesting calculation in the book is a form of sensitivity analysis. Which variables are most important to measure further? Hubbard calculates the value of perfect information for each variable with a straightforward expected opportunity loss calculation. Though an analysis may have dozens of identified variables with uncertainty, in his experience typically only 1 to 3 variables are worthy of further measurement.3. Deliberately seek information about the most-important risks and uncertainties where the additional time and cost are justified. This usually means obtaining more data with targeted investigation. Hubbard offers these encouraging maxims: o It has been done before o You have more data than you think o You need less data than you think o It is more economical than you thinkAdditional highlights of the book include: o Abundant war story examples. Much of Hubbard's work has been in the information technology (IT) sector. I especially enjoyed the case about forecasting fuel consumption for the U.S. Marine Corps. o Demystifying parameters that the reader might initially think as "intangibles." For example, "Improved Customer Service" might be measured in terms of percent of customers re-ordering; percent of returns; average delivery time, etc. o Example calculations, all done with Microsoft® Excel. He hosts a website, [...], where the reader can download example calculation worksheets, additional calibration quizzes, papers, articles, and reader comments.The first edition is excellent. Upon learning of a second edition, I immediately bought the updated book for a fresh re-read. This was again a good investment of time and money. The new edition is updated, expanded (about 15%), and more crisp. The editing and layout are again excellent. Several references are now embedded to his other best-selling and companion book, The Failure of Risk Management.
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