Applied Insurance Analytics: A Framework for Driving More Value from Data Assets, Technologies, and Tools

4. Defining and Using Metrics Effectively

Business performance is managed and measured in quantifiable terms, generically referred to as metrics. Business Performance Management (BPM), also referred to as Corporate Performance Management (CPM), encompasses all the processes, information, and systems used to set strategy; develops plans; monitors their execution; forecasts performance; and reports results. It includes strategic planning, tactical planning; budgeting and planning; forecasting; financial planning; activity-based costing (ABC) and profitability analysis; management reporting; and governance, risk and compliance (GRC) management. Many of these processes are supported by integrated Enterprise Performance Management (EPM) or Governance ...