If I were to publish a paper in which I invented units not based upon any physical prototype, you would have no idea of the magnitude of my measurements. Standard Method of Measurement SMM7 - Designing Buildings Wiki - Share your construction industry knowledge. The Standard Method of Measurement (SMM) is published by the Royal Institution of Chartered Surveyors (RICS). OK, if there were no standard, how would you know what was meant by a given measure? Here the choice of the standard is known as Unit. It is now in its seventh edition … It is one of the most important steps of making a custom-made suit or dress, and tailors pay attention to every small detail (or centimeter on this occasion). We can see that problem will arise if different people use different unit for their measurement. The measurement of performance is a continuous process which involves checking the performance against the standards that have been fixed to be … The IEEE Standards Association (IEEE SA) is a leading consensus building organization that nurtures, develops, and advances global technologies. Standard and Unit: To measure the physical quantities we need to introduce standards and units. Importance of Standard Units in Everyday Life The charts below shows different unit of length and mass. Precise readings, therefore, could save huge amounts of time, labour and money for people in the building trade. It doesn't matter whether your measure is imperial, metric or something else, it has to be defined and that means that there has to be a standard. Accuracy can be one of the most important aspects to ensuring that a construction project runs smoothly. Providing a neutral and open platform to empower innovators across borders and disciplines, IEEE SA facilitates standards development and standards related solutions, such as technology incubation, alliance consortia formation, open source, … This is especially true when it comes to measurements, as an inexact figure can negatively affect the entire process. Measurement of physical quantities consists of two steps – one is a choice of the standard and; the other is a comparison of the standard to the quantity to be measured. Accurate measurements are important because precise amounts are required for reactions to take place, for a recipe to turn out and to keep correct records of a measurement. One of the most important ratios in portfolio management, Sharpe Ratio (for which William Sharpe got a Nobel Prize) uses Standard Deviation to measure risk adjusted return (and hence provides incentives to portfolio managers to generate return by taking minimum risk). When measurements are not accurate, this provides incorrect data that can lead to wrong or even dangerous conclusions or results. Replicable data (getting the same results by conducting the same experiment) are a defining element of the scientific method, and standardized units of measurement are a … Therefore, it's important to have a standard system of units for the whole world. As a matter of fact, it is impossible, because unless there is some physical prototype for the units being used, it is not possible to know the units' sizes. Having a tailored suit or dress requires you to stand still and let the tailor take body measurements. Standard deviation is used by all portfolio managers to measure and track risk. Units of Length. It was first published in 1922, superseding a Scottish Standard Method of Measurement which was published in 1915. Units of Mass. 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