Metrics

Metric - synonym indicator. Other specialized terms are also used - Performance indicator or Key performance indicator (KPI).

Metric (indicator) indicates the state of a system, such as its quality, efficiency, taking into consideration different values. In management indicators are also used to define the achievement of objectives (or their desired values).

Metrics can be:

• Qualitative - non-numeric expression
• Quantitative - numeric expression

In practice, both quantitative and qualitative metrics can be used. Better understandable (or more precise) are of course quantitative metrics, therefore it is appropriate to originally formulate both qualitative parameters (subjective) also quantitatively (objective value).

For example, quality of a product can be measured instead of just “yes-no” or a range of “excellent-neutral-unsatisfactory-bad” but also by percentage of the product claims.

Related terms and methods:

• Benchmarking
• Control
• Efficiency
• Innovation management methods
• KGI (Key Goal Indicators)
• KPI (Key Performance Indicators)
• Risk Prevention methods
• SMART

Related fields:

• Management by Objectives (MBO)
• Planning
• Quality management
• Leadership & Communicating