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Definition of 'Metrics'

A metric is a quantifiable measure of an attribute of a business process. Metrics are used to evaluate the performance of a process and to identify areas for improvement.

There are many different types of metrics, and the specific metrics that are used will vary depending on the business process being measured. Some common metrics include:

* **Revenue:** The total amount of money that a business generates from its sales.
* **Cost:** The total amount of money that a business spends on its operations.
* **Profit:** The difference between revenue and cost.
* **Customer satisfaction:** The degree to which customers are satisfied with a business's products or services.
* **Employee satisfaction:** The degree to which employees are satisfied with their jobs.
* **Productivity:** The amount of output that a business produces per unit of input.

Metrics can be used to track the performance of a business over time, to compare the performance of different businesses, and to identify areas where a business can improve its performance.

Metrics are an important tool for business owners and managers to use in order to make informed decisions about their businesses. By tracking the right metrics, businesses can identify areas where they are doing well and areas where they need to improve. This information can then be used to make changes to the business that will improve its performance and profitability.

In addition to being used to track the performance of a business, metrics can also be used to:

* Set goals and objectives for a business.
* Make decisions about how to allocate resources.
* Identify and reward employees who are performing well.
* Communicate with stakeholders about the performance of the business.

Metrics are a valuable tool for businesses of all sizes. By using metrics, businesses can improve their performance, make better decisions, and achieve their goals.

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