what are metrics

Metrics are measures of quantitative assessment that are commonly used for assessing, comparing, and tracking performance or production. Metrics can be used in various fields and industries, including accounting, operations, and performance analysis. Metrics come in a wide range of varieties with industry standards and proprietary models often governing their use. In project management, metrics are essential in measuring project progression, output targets, and overall project success. Metrics are standardized quantitative measurements used to track, assess, and analyze specific data, performance, or conditions in various fields and industries. Metrics are used to measure the status or performance of a specific business function and allow businesses to steer their ship in the right direction with data-backed decisions. Metrics are derived from one or more measures, which are fundamental or unit-specific terms. A measure is a number that can be used in calculations, like sum, count, or average. Metrics have a goal or performance attached to them. Financial metrics judge the ability of an organization to convert operational performance into financial goals. In essence, metrics provide a way to measure and understand important aspects of a business, project, or individual performance.