Measurement is the numerical quantitation of the attributes of an object or event, which can be used to compare with other objects or events. The scope and application of measurement are dependent on the context and discipline. For business management, financial reporting measures the money values of the activities of a business according to the well-established principles of accounting. Opagio offers unique measures for assessing total factor efficiency of the operations of a business at process level.
Measurement is a cornerstone of science, engineering and quantitative research. Since the 18th century, progress has been made towards unifying, widely accepted standards that resulted in the modern International System of Units (SI). This system reduces all physical measurements to a mathematical combination of seven base units. The science of measurement is pursued in the field of metrology, the guidelines for which are published by the International Bureau of Weights and Measures in the International vocabulary of metrology. However, in other fields such as statistics as well as the social and behavioural sciences, measurements can have multiple levels, which would include nominal, ordinal, interval and ratio scales.