- Identify what decision are you trying to support.
- Define what you are attempting to measure in observable consequences.
- Work out exactly how this thing being measured impacts on the decision.
- Identify what you already know now, with a range of uncertainty. (You WILL know something!)
- Identify the value to the decision maker of additional information which narrows the uncertainty.
- Decide how much to spend on getting the data.
For more detail, read “How To Measure Anything: Finding The Value Of “Intangibles” in Business”, Douglas W Hubbard.
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