|
| |
A metric is a system or standard for measuring something.A measurement is a numerical observation.Metrics vs MeasurementsMetrics and measurements are similar enough that the two terms are commonly used interchangeably. The key difference is that a metric is based on standardized procedures, calculation methods and systems for generating a number. A measurement could be taken with a different technique each time. As such, metric is a more appropriate term for highly standardized measurements.
ExampleA firm is interested in measuring customer satisfaction. One week they go out and ask customers to rate their satisfaction on a scale of 1-3. The next week they go out and ask customers to rate their satisfaction on a scale of 1-4. Such measurements can't be considered metrics because they aren't observed using a system or standard.When the firm decides on a standard scale and technique for gathering and computing customer satisfaction, it can accurately be referred to as a metric.|
| Metrics | Measurements | | Definition | Numerical observations based on standard systems, methods, calculations and data sources. | Numerical observations. | | Key Difference | Standardized | Potentially adhoc |
Business Metrics
This is the complete list of articles we have written about business metrics.
If you enjoyed this page, please consider bookmarking Simplicable.
An reasonably comprehensive list of metrics.
A list of common ways to measure marketing results.
A list of commonly used IT metrics.
How to measure innovation including early stage, late stage and overall program metrics.
A definition of best in class with examples.
The common types of data-driven business.
A definition of cycle time with examples.
How to calculate labor productivity with examples.
A definition of cost effectiveness with example calculations.
A list of commonly used IT metrics.
The difference between a baseline and a benchmark.
Common examples of error rate metrics.
An overview of system analysis with examples.
TrendingThe most popular articles on Simplicable in the past day.
Recent posts or updates on Simplicable.
Site Map
© 2010-2023 Simplicable. All Rights Reserved. Reproduction of materials found on this site, in any form, without explicit permission is prohibited.
View credits & copyrights or citation information for this page.
|
