 |
A-Z | Popular | Blog | Business Metrics | Search » |
7 Types Of Metrics John Spacey, updated on
Goal MetricsMany organizations have established the principle that strategy and performance goals need to be measurable. As such, it is common for metrics to be developed for the purposes of strategic management, goal setting and performance management. Not all metrics measure goals. For example, metrics can also be used for decision making, problem solving and optimization.Key Performance IndicatorKey performance indicator (KPI) is a term for a metric that is critical to an organization. It is common for organizations, departments and teams to develop a large number of metrics. The term KPI is used to distinguish those metrics that are critical to strategy. In most cases, a KPI is used to measure goals.Qualitative MetricsMetrics that are based on a human judgement such as a rating. For example, customer satisfaction is typically a qualitative metric that results from asking customers to rate their satisfaction with a product, service or experience. Although qualitative metrics result from complex human judgements, they are typically represented as a single number.Quantitative MetricsQuantitative metrics are a class of metrics that are based on numbers. They can be financial or non-financial in nature. Examples of quantitative inputs to metrics include revenue, customer counts or electricity usage measured in watts.Actionable MetricsA metric that be can directly used to make decisions or optimize work. It is common for organizations to mandate that all metrics be actionable.Informational MetricsA metric that isn't actionable. People find information interesting and may develop metrics that are unlikely to change the course of decisions. This is widely considered a distraction and unnecessary expense. For example, if a car displayed the temperature of its muffler on its dash, some people might find it interesting but this isn't actionable like a fuel gauge or speedometer. As such, it might be considered an unnecessary distraction.Vanity MetricsMetrics that are designed to be impressive as opposed to useful.Business MetricsThis is the complete list of articles we have written about business metrics.If you enjoyed this page, please consider bookmarking Simplicable.
Business MetricsA list of common business metrics.Management Accounting Definition
A comprehensive overview of management accounting.
Efficiency TypesThe common types of efficiency with examples.Compliance Rate
The definition of compliance rate with examples.
Employee Productivity
How to measure employee productivity with examples.
Success Factor Definition
The definition of critical success factor.
BenchmarkingA few examples of benchmarking.Operational Performance
An overview of operational performance with examples.
On-Time Performance
An overview of on-time performance with examples.
TopSimplicable is a modern encyclopedia that has been updated daily since 2010.Business TheoryA list of interesting business theories.Knowledge WorkA definition of knowledge work with examples.Office PoliticsA list of social processes, absurdities and strategies related to office politics.Product DevelopmentA guide to product development.Types Of KnowledgeThe differences between types of knowledge.Trough Of Sorrow
An overview of the trough of sorrow.
Business ModelsA list of common business models.MarketingA list of key marketing strategies.Competitive AdvantageA few sources of competitive advantage for businesses.
TrendingThe most popular articles on Simplicable in the past day.New ArticlesRecent posts or updates on Simplicable. Site Map
About
Architecture Behavior Branding Business Business Analysis Business Disadvantages Business Models Business Strategy Cities Color Theory Colors Communication Computing Creativity Culture Customer Experience Customer Service Data Decision Making Design Design Thinking Economics Education More ...
© 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. |
