I have now spent several hours attempting to trace attribution for this quote / sign. It is quoted widely, including in Bogle’s book referenced in an NPR interview. It may have been in his office at some earlier point, but I now view it as unlikely to have been in his Princeton office near the end of his life. There are many amusing photos of his messy office. There are no signs apparent in any of them. Maybe it is hiding in one of those piles of papers. Anyway, the thought is fun, if you can specifically attribute this, please send me a message.
I have seen quite a few misguided measurement systems in my time. Last year I read about a sign that hung in Albert Einstein’s office at Princeton. I though it was well worth reflecting on in the context of business, especially Lean and Six Sigma programs.
“Not everything that counts can be counted, and not everything that can be counted counts.” – Sign hanging in Einstein’s office at Princeton
I think that many people in business need to take this comment to heart. It is especially relevant for individuals in Lean / Six Sigma programs. I know many people who would argue with this point vehemently, stating that everything that matters can be measured. These statements are usually followed by a broad, absolute, and dogmatic rule that is somehow always true. Things are just not that simple. This is not a statement that measuring is bad. Certainly we endeavor to be specific and measurable. In many cases, easy to understand measures can be implemented and used to manage a business. All too often, Western companies seem to go over board. The Japanese call this over measurement, and it is also a waste. I would also suggest that in addition to waste, it can destroy value through misguided business decisions. It is all too easy to hide behind the “data” and avoid taking on tough management decisions. If you are achieving your metrics but not feeling the change, something is wrong.
Many scientists have commented on this topic with great insight. I could not find a single similar insight from people in the business world. I am sure that great measurement insights have been uttered, but they are far outweighed by dogmatic and frankly ignorant statements that seem to prevail.
In my opinion, the missing elements are a simple and clear set of goals which everyone understands and an environment which supports and promotes critical thinking at all levels. Companies who do this well tend to be the successful ones. They make decisions quickly based on the best data and critical analysis at hand and move directly to execution. Many of the average and below average companies are consumed in complicated dashboards and endless fiddling with numbers in an attempt to show that progress is being made.
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