How do you define measurement?
Measurement refers to the process of observing and recording observations to categorize or quantify variables. There are four scales of measurement including nominal, ordinal, interval and ratio scales.
What does measurement tools mean to you?
Measurement tools are instruments used to help in the assessment or evaluation of subjects. The tools are applied in measuring or collecting data on several variables such as identity or magnitude of a variable.
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What is a balanced scorecard?
A balanced scorecard is a performance metric or management system used to identify and manage an organization’s strategy, based on the balance between the drivers and outcomes of an organization’s goals ( Perkins, Grey & Remmers, 2014) . The scorecard helps in describing and measuring the approach as well as the actions taken to improve the results and allow the businesses to evaluate its activities using revenue, costs, and profits. It measures the effectiveness of a strategy using four perspectives including the financial, learning and growth, business process and customer perspective.
Have you used a balanced scorecard? Explain .
Yes, I have used a balanced scorecard in strategic planning to track strategic performance by measuring and monitoring progress. I utilized the scorecard to examine the development of a company from the financial perspective by looking at profits and comparing with the expense.
What is a dashboard? Do you have a favorite?
A dashboard refers to a data visualization tool used in monitoring strategic data of an organization. It displays the status of performance indicators by consolidating and arranging the metrics on a single screen to help in monitoring and tracking performance. Their purpose is to allow an organization to monitor and control the running of a business ( Allio, 2012) . My favorite dashboard is a strategic dashboard that tracks key performance indicators and metrics across the organization.
Read "How to Write a Business Plan," by Guglielmo. The author provides some advice concerning the management team. What information would you give to a recent medical school graduate who is seeking to open a medical practice?
Opening a medical practice is not easy due to the inherent risks, upfront expenses and difficulties in starting the practice. As such, a person needs to have a business plan, necessary funding as well as a legal counsel to ensure they comply with federal and state regulations ( Uzialko, 2018) . Start by considering the startup costs and expenses especially if starting from scratch. The practice also requires getting credentials that may take several months, looking at the medical education and licensing. Additionally, licensing is a must have before opening a medical practice to ensure credibility and adherence to regulations. Lastly, choose a legal structure that will determine how to pay taxes and the extent to which you are liable for lawsuit and losses.
What management skill do you find most necessary for effective and efficient project management? Why?
Project management is a dynamic activity accompanied by numerous tasks that need to be done right to facilitate its success. These tasks entail initiation, planning, execution, and control requirements that a manager has a set of skills that will be essential in ensuring the project’s success. One of the crucial project management skill that every individual should have is excellent communication, needed in establishing relationships and efficient running of the project.
Good communication goes in hand with effective leadership and helps in enabling a team to work together. A manager needs to provide clear instructions and expectations for the team to increase productivity and efficiency. They have to efficiently convey the ideas, vision, and goals of the project and have to produce reports and presentation of the project, which requires better communication skills to achieve ( De Bezieux, 2004) . Project managers need the ability to communicate well and ensure their vision is well understood to avoid any mistakes. The effectiveness of a project manager’s communication has an impact on the team as well as other stakeholders to foster collaboration, present ideas, report progress as well as engage in meaningful discussions.
Describe your approach to tracking a project. What kinds of issues would you focus on if you were a project manager? Why?
A project tracking approach puts a manager in control of the project. My approach to tracking a project entails several steps such as planning and prioritizing the work effectively, setting measurable targets, reporting to stakeholders, using dashboards and recommending actions for improvement and follow-up. A project manager should focus on addressing issues that may affect the progress of a project ( Kerzner, 2018). Such problems include managing expectations, maintaining a focus, overcoming biases a closing the vision gap. Sometimes the demands of a project may overshadow the true important objectives of a project manager, distracting them and making them lose focus. A project manager needs to maintain focus by breaking down larger strategic goals into manageable parts.
References
Allio, M. K. (2012). Strategic dashboards: designing and deploying them to improve implementation. Strategy & Leadership , 40 (5), 24-31.
De Bezieux, H. R. (2004). Communication skills for Project Managers.
Kerzner, H. (2018). Project management best practices: Achieving global excellence . John Wiley & Sons .
Perkins, M., Grey, A., & Remmers, H. (2014). What do we really mean by “Balanced Scorecard”?. International Journal of Productivity and Performance Management , 63 (2), 148-169.
Uzialko, A. C. (2018, February). How to Open a Private Medical Practice, Step by Step. Retrieved from https://www.businessnewsdaily.com/8910-opening-a-medical-practice.html
