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What is a Figure Of Merit?

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A figure of merit is a particular metric that is commonly used to judge the value of a product or service. For example, fuel efficiency ratings such as Miles Per Gallon (MPG) are commonly used to compare cars. A figure of merit allows customers to qualitatively compare products and services. As a result, it tends to lead to intense competition to improve products and service.
Overview: Figure Of Merit
Type
Definition
A number that is commonly used to compare a product or service.
Examples
Battery life in hours for mobile devices.
Bandwidth of an internet connection.
Clock rate of a CPU
Calories in food.
Related Concepts
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