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How to Measure Anything Workbook: Finding the Value of Intangibles in Business Paperback – March 17, 2014
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From the Back Cover
The companion workbook to the new edition of the bestselling How to Measure Anything
How can we measure the population of fish in a lake? And how is that like measuring unsatisfied customers who didn’t complain or measuring security breaches that were not detected? How can we isolate the effect advertising has on sales when a vast amount of unknowns also affect sales? How did a 9-year-old girl use a simple measurement to debunk a popular practice in medicine? How do we measure quality, risk, or innovation? How do we know what to measure in the first place? The answers are easier than you might think.
This companion workbook to the new edition of the insightful and eloquent How to Measure Anything walks you through sample problems and exercises to help you master and apply the methods discussed in the book. Following along with each book chapter, this workbook is an excellent supplementary teaching tool in the classroom.
The book explains practical methods for measuring a variety of intangibles, including approaches to measuring customer satisfaction, organizational flexibility, technology risk, technology ROI, and other problems in business, government, and not-for-profits.
- Companion to the updated edition of the bestselling How to Measure Anything
- Provides chapter-by-chapter exercises
- Written by industry leader Douglas Hubbard
How to Measure Anything Workbook illustrates how the author has used his approach across various industries and how any problem, no matter how difficult, ill-defined, or uncertain can lend itself to measurement using proven methods.
About the Author
DOUGLAS W. HUBBARD is the inventor of Applied Information Economics (AIE). He is an internationally recognized expert in the field of decision analysis and challenging measurements and is a popular speaker at numerous conferences. AIE method has been applied to dozens of large Fortune 500 IT investments, military logistics, venture capital, aerospace, and environmental issues. Doug is the author of How to Measure Anything: Finding the Value of “Intangibles” in Business (Wiley).
Top customer reviews
I manage in a production facility and we make decisions all the time based on intuition. By eliminating some amount of uncertainty I believe we have been able to make better decisions. It was also very helpful come performance review time.
There is so much in this book. I couldn't fit it all in a little review.
The author's main thesis is that we can measure anything. So, to quantify the value of the "new" information this new product provides, we need to, as the author recommends, to measure this "intangibles" called "information" using his Applied Information Economics (AIE) approach. We need to ask, what is the value of this new information?
Here's my data and analysis, which is an example of how to use the "information" book. (PS. I am doing this review in this format just for personal entertainment, but I sincerely hope it will inform your purchasing decision ... or reduce any buyer's remorse you may have experienced.)
1. Price. I paid $32.97 in 2010 for the 2nd Ed and $34.12 in 2014 for this Ed (both through amazon.com). The price increased $1.15 (3.4%) over 4 years. That rate is below the annual inflation rate for the same period. So, we can estimate that the physical product -- alone- has increased in relative value.
2. Page count (I use this as a proxy for estimating "new" information). A comparison of the TOCs shows that the new Ed covers all the same topics and same chapters, and has the same sequencing. So, the risk of losing some of the information value in the prior Ed is very low. However, there are 98 new pages. This is an estimated 25% increase in "new" information.
3. What is and where is this "new information" in those 98 new pages? Using the number of footnotes as a proxy for estimating "new" sources of information, I counted a 48% increase in the number of footnotes and sources. The major topics (by chapter) containing new information were:
Chapter 3, The Illusion of Intangibles (from 8 to 21). Most of these referenced noted behavioral economists, including several Nobel laureates, on the topic of how to being aware of and how to reduce the influence of biases in any measurement process.
Chapter 4, Calibrated Estimates (from 10 to 21). Many here were references to noted behavioral economists like Sara Lichtenstein and Philip Tetlock. Calibrated Estimation is a key tool in the authors Applied Information Economics (AIE) methodology.
Chapter 6, Quantifying Risk through Modeling (from 7 to 10). Taleb of "Black Swan" fame was the key new source here.
Chapter 10, Bayes: Adding to What you Know (from 2 to 5). Bayesian statistics is a key approach int he AIE process. If you are not familiar with Bayesian statistics, the 35 pages in this chapter will return to you a very high multiple of the baseline cost of $34 you will pay for the whole book.
These four topics cover very important steps (and tools) in the AIE process. The value added is added in the most important areas, which increases the overall value of the book itself as a source of new information.
The author also introduces 5 "Purely Philosophical Interludes" to strengthen the key principles supporting the AIE approach.
So what's the downside risk for you?
This book is not for everyone.
It is nerdy, but it is not deep. It makes all the "math" -- especially the statistical concepts discussed -- very understandable. This too adds value (recaptures?) the value you thought you received from that C in college statistics you never use.
If all you remember from that class was to ask questions like "Is that sample statistically valid?" and "What is your confidence interval?" whenever you need to sound like you know what your talking about when confronted with any statistical analysis, there is a high probability you will learn something from this book (and actually understand what you are asking in those questions).
The most important "new" information in this Ed is in the increased knowledge you will acquire of of the Bayesian approach to measuring the "change" in what you know AFTER you get new data compared to what you knew BEFORE in any decision making process.
You are the judge of "value." (PS There is also a wonderful Chapter on how to increase the value of the judging process.)