Explain the concept of lead and lag indicators. Why would the development of such a diagram aid organizations in developing a performance measurement system? Link your response to the discussion on quality strategy from Week 2 and the SWEATT model from Week 4.

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05-12-2022
Business

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Explain the concept of lead and lag indicators. Why would the development of such a diagram aid organizations in developing a performance measurement system? Link your response to the discussion on quality strategy from Week 2 and the SWEATT model from Week 4.

Sagot :

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ANKITANAND ANKITANAND · Answer 1 · 2022-12-11T03:15:50-05:00

Lagging indicators measure current production and performance, whereas leading indicators advise business leaders on how they can achieve desired results.

In project management, what are leading and lagging indicators?

The terms "lagging" and "leading" indicators are frequently used in project management. Typically "output" focused, lagging indicators are simple to track but challenging to enhance or influence. On the other hand, leading indicators seem to be typically "input" focused, harder to measure but easier to influence.

An economic data point or set that may predict future economic movement or change is known as a leading indicator. Economic leading indicators can be used to anticipate and forecast upcoming market and business trends and events.

Therefore, A lagging indicator is simple to measure but challenging to change, in contrast to a leading indicator that is dynamic but challenging to measure.

Learn more about lead and lag indicators from the given link.

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Explain the concept of lead and lag indicators. Why would the development of such a diagram aid organizations in developing a performance measurement system? Link your response to the discussion on quality strategy from Week 2 and the SWEATT model from Week 4.

Sagot :

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