From the course: Building KPIs for Data-Driven Strategy
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KPIs: Rates vs. values
From the course: Building KPIs for Data-Driven Strategy
KPIs: Rates vs. values
- [Instructor] When all the measurement is in place, your metrics are solid, and returning useful information for your purposes, it's time to think about how that gets shown to your audience. One of the most important things to figure out is whether your KPI should be shown as a rate or a value. And what kind of a rate, if that's the choice. What do we mean by rates and values? A value is just a number, a measurement, an individual value that stands on its own. Like if we go back to our employee retention example. And if we're looking at our employees' exit dates, we can easily count the number of employees who left last year and call that a KPI. That's a value. But a rate is different. A rate is when you take a value, and compare it in some way with another value. Usually it's by dividing one number by another. For instance, you could take the number of employees who left last year, and divide that by the total number of employees and you would get the exit rate. Why would you do…
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