Definitions for TrueValueMetrics
The basic management cycle is very simple ... but often absent. TVM has data at the center of the management process. Data are needed to develop management information which is central to the process ... to know what is being achieved, and how it can be improved.
“Management information is the least amount of information
that enables a good decision to be made in a timely way.”
This is a simple representation of the TVM perspective of the management cycle.
The management cycle has three elements ... repeated over and over again: (1) Collect data, do analysis; (2) plan and organize; and (3) implement ... and measure and analyze. These are reflected in the following schematic. Everything has a data component.