An (In)Exact Definition of Measurement
In my ongoing pursuit of a more scientific approach to business and marketing measurement, I’ve picked up some amazing texts that are delightfully packed with delectable insights. Today’s page-turner is How to Measure Anything: Finding the “Intangibles” in Business by Douglas W. Hubbard, the inventor of Applied Information Economics (AIE) and an internationally recognized expert in metrics, decision analysis, and risk management.
There are many misconceptions out there about measurement. So far, this text has helped remind me that measurement is not about creating absolute certainty. In fact, if we do approach measurement expecting some sort of exact outcome, few things will seem measurable at all.
Instead, measurement merely helps to reduce uncertainty. And, for today’s measurement inspiration, I’ll leave you with Hubbard’s simple yet smart definition of measurement:
Measurement: A quantitatively expressed reduction of uncertainty based on one or more observations.
What seemingly “immeasurable” outcome has stumped you lately? It might be time to re-think…
