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What is a Metric?
A metric, in business, is a quantifiable measuring system. Metrics track and assess specific business processes. Metrics facilitate understanding and collaboration in explaining a phenomenon, diagnosing causes, sharing findings, or forecasting.
Why do you need Metrics?
Metrics help business professionals understand and explain key business occurrences allowing them to make better business decisions. Lord Kelvin, the British physicist, summed up the need to understand metrics in the following quote:
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“When you can measure what you are speaking about, and express it in numbers, you know something about it; but when you cannot express it in numbers, your knowledge is of meager and unsatisfactory kind.”