Performance Data
Performance Data serve as quantifiable outputs that measure various aspects of a product's performance. This metric is essential for assessing the actual business value generated by the product or solution.
Types of Performance Data
Examples of what might be measured as performance data include, but are not limited to:
- Throughput in manufacturing
- Volume of output generated
- Reduction in costs
- Productivity metrics
- User adoption rates
- Revenue generation
- Sales volume
- Customer reach in marketing campaigns
- Levels of customer satisfaction
Role in Assessing Business Value
Performance data are pivotal in determining the business value of a product or solution. They are evaluated before and after a release to calculate the change in performance, which is subsequently translated into business value.
Baseline Data
Any prior performance data from a previous version of the product or from a manual process serve as a baseline. For example, if the business value is gauged in terms of increased sales volume, the difference in sales volume before and after the solution’s release quantifies the business value.
Absence of Baseline
If there is no existing baseline, two alternatives are generally employed:
The performance data post-release can directly represent the business value.
Estimates can be made to establish a hypothetical original baseline against which post-release data can be compared.
Alignment with Business Goals
Ideally, the performance data should align with and measure the stated business goals and objectives. However, in cases where this is not feasible, proxy metrics may be employed. These could include indicators like the average duration to complete a task using the product, software response times, or the count of errors made during a task.
Source of Data Collection
Performance data are usually obtained from the business area responsible for the solution or through built-in instrumentation within the product itself. Other external means like surveys or focus groups post-release can also be utilized to gather performance data.
In essence, performance data act as a critical metric for business analysts and decision-makers to evaluate the success and impact of a solution. They offer a quantifiable measure to assess whether the business objectives have been met and to what extent the solution has added value to the organization.