There Is a Rule for How Many Metrics, Out of the Hundreds

question 3

Multiple Choice

There is a rule for how many metrics, out of the hundreds of possible CRM metrics, should be tracked and analyzed at any given management level. What is the rule?

• A) Best practice is to track and analyze no more than two (plus or minus two) metrics.
• B) Best practice is to track and analyze no more than five (plus or minus two) metrics.
• C) Best practice is to track and analyze no more than seven (plus or minus two) metrics.
• D) None of these, as it depends on the type of industry.

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Definitions:

Society's Welfare

The overall well-being and quality of life of a community or society, influenced by economic, social, and environmental factors.

Marginal Cost

The cost added by producing one additional unit of a product or service, a critical factor in economic decision-making.

Society's Welfare

The overall well-being and standard of living of the community or society as a whole.

Marginal Cost

An additional cost incurred for producing one more unit of a product.