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Quantification is the mapping of human perception and thought to numbers. It is typically achieved by asking people to rate, rank and describe things according to multiple choice questions or a scale. Quantification allows for the analysis of qualitative things and is widely used in science, medicine, public policy, business and management. The following are common examples.
Happiness IndexAsking people how happy they are is an important quality of life measurement. MedicineIt is common for medical analysis to be based on patient reported ratings such as a pain scale. Customer SatisfactionCustomer reported satisfaction with a product, service, firm or brand. An extremely common and widely used business metric for more than 60 years.
Reputation SystemsSales in industries such as hotels and restaurants are heavily influenced by ratings by customers.Sensory AnalysisSensory analysis such as taste tests are a common product development and quality assurance practice in many industries.
Business Metrics
This is the complete list of articles we have written about business metrics.
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