Please read the following excerpt and answer the next two questions:

Whats a Measure of Success?

There are at least two broader ways to measure success: qualitatively and quantitatively. You measure success qualitatively by looking at overarching trends within your business that might be hard to measure in precise numbers. In contrast, measuring success quantitatively means looking at specific metrics, data points, and the like to determine how well youre meeting your predefined goals.

If you want to use concrete metrics to help you define your achievements, try using measures that rely on hard data. Here are five quantitative measures of success:

Customer retention: Look at your sales data and see how many customers youre retaining to measure the success of your business. This metric specifically works well for companies that offer subscription services or online accounts, given business owners can look at precise data about all their old and new customers. Key performance indicators (KPIs): Choose a desired outcome you can measure in a quantifiable way to create a key performance indicator. For example, look at the literal time you or your employees spend performing tasks to measure productivity in a concrete way. Market share: Determine how much of the market your business has a share of to measure its success. Devise strategies to increase that share through innovation, productivity, and company acquisition. Profitability: Perhaps one of the most common definitions of success in business is profitability. Look at how much revenue your company brings in and, more specifically, how much it has left over after covering all necessary costs. Alongside profitability, you can also keep an eye on your return on investment (ROI). Turnover rate: While you might have a harder time getting a precise read on your employees happiness at work, you can see how many workers have come and gone over a given period. Aim for low employee churn and high employee job satisfaction.

Q1: Suppose that two metrics stated in the passage are not aligned, for instance, a company may have low profitability with high customer retention, or high market share with also high turnover rate. Which metric should an organization choose to measure their success?

Select one:

a. The one that shows that the organization is successful

b. It depends on the mission, vision and values of an organization

c. The group should be considered itself a failure

d. It should depend on the day

Q2: Based on the material presented in the passage, one can conclude that:

Select one:

a. Only profit-based businesses should quantify their performance metrics

b. Customer retention is more important than turnover rate

c. There are multiple ways to measure the success of an organization

d. Profitability is the most important metric