Many good answers have been given… The question reminds me of a book called The Mythical Man-Month by an IBM software engineer from the old, old days. In it the author says that over a long history of projects he has found that adding developers to a project slows it down. So even then with terrible tools, they really couldn’t measure software work in any reliable way. And they had no idea how to make it more efficient.
In the modern era, Microsoft is famous for having hundreds of working groups colliding with each other and re-doing their code over and over. The results speak for themselves.
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