Values, Metrics, & Indicators
- Values are the things we care about, the things that should be taken into account when evaluating alternatives. For example, in many decision situations people care about costs.
- An objective indicates a direction in which we strive to do better. For example, one objective may be to minimize costs.
- A fundamental objective or value is something we care about for its own sake – it is an end, not a means.
- A means objective is something that will help us achieve our fundamental objective.
- A metric is how we measure an objective. For example, costs may be measured in discounted dollars or annual dollars.
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