Context

This is a preview of a concept contained in The Personal MBA by Josh Kaufman, a book that will help you master the fundamentals of business, hone your business instincts, and save a fortune in tuition. The Personal MBA distills the most powerful principles of business and delivers them quickly and concisely. Order your copy now…

What does “Context” mean?

“If you don’t understand something, it’s because you aren’t aware of its context.” — Richard Rabkin, psychiatrist

Key Points:

• Context is the use of related measurements to provide additional information to the data you’re examining.
• Aggregate measures are worthless by themselves. How much is $1000 of revenue? It depends on your Context.
• Don’t focus on “magic numbers” when tracking your results. No measures matter in isolation, look at them in context with other measurements.

Questions for Consideration:

• How often do you rely on a single measurement to tell the whole story?
• Does that single measure relate all appropriate context?
• If not, which measures would help make your understanding more comprehensive and accurate?

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