Measurement, benchmarking and data analytics and are essential for both business and engineering. The current digital transformation increases the amount of data that becomes available. The value of a company is increasingly defined by its data. Value creation can only be exploited fully if these are used efficiently along the entire value chain. This tutorial will provide an overview on three topics: Measurement, Benchmarking, Data Analytics.
All three topics are quantitative in nature and thus demand some understanding of underlying methods and techniques. Different perspectives demand appropriate depth. Insufficient measurement makes projects fail because business objectives will not be reached and effort will be wasted. Legal obligation such as product liability and many contractual requirements worldwide demand quantitative risk management and traceable measurements. Vector will provide guidance along software an IT measurement and benchmarking.
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