A key performance indicator (KPI) is a measurable value that shows how effectively a company is meeting key business objectives. Metrics are any quantitative measure used to understand how a specific business area is doing.
A measure is a number, while a metric measures a relationship between numbers. Measures are often suitable for tracking the current status of something, while metrics often measure progress toward goals. A measure is unit-specific, while metrics don't require units.
Metric Units
Examples include measuring the thickness or length of a debit card, length of cloth, or distance between two cities. Weight: Gram (g) and Kilogram(kg) are used to measure how heavy an object is, using instruments.
Performance metrics are used to measure the behavior, activities, and performance of a business. This should be in the form of data that measures required data within a range, allowing a basis to be formed supporting the achievement of overall business goals.
A measure is a simple number, like how many candles you've sold. A metric puts your measure into context. For example, what is the average sale over the last 12 months? Your metric could be Average Basket Size.
In the metric system of measurement, the most common units of distance are millimeters, centimeters, meters, and kilometers.
The three most common base units in the metric system are the meter, gram, and liter. The meter is a unit of length equal to 3.28 feet; the gram is a unit of mass equal to approximately 0.0022 pounds (about the mass of a paper clip); and the liter is a unit of volume equal to 1.05 quarts.
There are three categories of metrics: product metrics, process metrics, and project metrics.
A metric is a measure you can quantify to monitor the progress and status of particular processes. Metrics determine the progress towards a certain goal by tracking specific data points over time.
Key Metrics Meaning. The most important metrics that a business tracks are called key metrics. Also known as a key performance indicator, or KPI, a key metric is a statistic which, by its value gives a measure of an organization or department's overall health and performance.
Actionable and predictive: A good metric must provide information that can be acted upon. Too often, HR measures for the sake of measuring, without really thinking, “What do I do if the metric is lower or higher?” A clear plan of action and causality relation is a key element for successful metrics tracking.
Quality and satisfaction: Quality and satisfaction metrics measure the quality of the project's deliverable at its completion and include customer-centric data. Cost: Cost metrics are key performance metrics to track in project management.
The 7 Base Metric Units
The metric system is the main system of measurement units used in science. Each unit is considered to be dimensionally independent of the others. These dimensions are measurements of length, mass, time, electric current, temperature, amount of a substance, and luminous intensity.
Kilometers are the longest unit of metric measurement.
The two systems used for specifying units of measure are the English and metric systems.
A business metric is a quantifiable measure businesses use to track, monitor and assess the success or failure of various business processes. The main point of using business metrics is to communicate an organization's progress toward certain long- and short-term objectives.
For example, if you're trying to increase customer satisfaction, you might use customer reviews or NPS ratings as a metric and customer retention rate as a KPI. And if you're trying to increase your client's revenue, you might use marketing-qualified leads as a metric, and sales-qualified leads as a KPI.
While a benchmark has a company comparing its processes, products and operations with other entities, a key performance indicator (KPI) measures how well an individual, business unit, project and company performs against their strategic goals.