Metrics
Encyclopedia
A metric is a measure for quantitatively assessing, controlling or selecting a person, process, event, or institution, along with the procedures to carry out measurements and the procedures for the interpretation of the assessment in the light of previous or comparable assessments.
Metrics are usually specialized by the subject area, in which case they are valid only within a certain domain and cannot be directly benchmarked or interpreted outside it. This factor severely limits the applicability of metrics, for instance in comparing performance across domains. The prestige attached to them may be said to relate to a 'quantifiability fallacy', the erroneous belief that if a conclusion is reached by quantitative measurement, it must be vindicated, irrespective of what parameters or purpose the investigation is supposed to have.
In business, they are sometimes referred to as key performance indicators
, such as overall equipment effectiveness
, or key risk indicators. In the field of Facilities Management, a key metric is the Facility Condition Index, or FCI
.
For a measure to be a metric it has to satisfy four properties: 1) non-negativity, 2) reflexivity, 3) symmetry, and 4) triangular inequality
Metrics are usually specialized by the subject area, in which case they are valid only within a certain domain and cannot be directly benchmarked or interpreted outside it. This factor severely limits the applicability of metrics, for instance in comparing performance across domains. The prestige attached to them may be said to relate to a 'quantifiability fallacy', the erroneous belief that if a conclusion is reached by quantitative measurement, it must be vindicated, irrespective of what parameters or purpose the investigation is supposed to have.
In business, they are sometimes referred to as key performance indicators
Key performance indicators
A performance indicator or key performance indicator is an industry jargon for a type of performance measurement.. KPIs are commonly used by an organization to evaluate its success or the success of a particular activity in which it is engaged...
, such as overall equipment effectiveness
Overall equipment effectiveness
Overall equipment effectiveness is a hierarchy of metrics which evaluates and indicates how effectively a manufacturing operation is utilized. The results are stated in a generic form which allows comparison between manufacturing units in differing industries...
, or key risk indicators. In the field of Facilities Management, a key metric is the Facility Condition Index, or FCI
FCI
FCI is a three-letter abbreviation that can refer to:* Facility Condition Index, a benchmark to compare the relative condition of a group of facilities* Factors Chain International, a global network of factoring companies* Federal Correctional Institution...
.
For a measure to be a metric it has to satisfy four properties: 1) non-negativity, 2) reflexivity, 3) symmetry, and 4) triangular inequality
See also
- IndicatorIndicatorIndicator may mean:In chemistry:* pH indicator, a chemical detector for protons in acid-base titrations* Redox indicator, a chemical detector for redox titrations* Complexometric indicator, a chemical detector for metal ions in complexometric titrations...
- Measure (mathematics)Measure (mathematics)In mathematical analysis, a measure on a set is a systematic way to assign to each suitable subset a number, intuitively interpreted as the size of the subset. In this sense, a measure is a generalization of the concepts of length, area, and volume...
- MeasurementMeasurementMeasurement is the process or the result of determining the ratio of a physical quantity, such as a length, time, temperature etc., to a unit of measurement, such as the metre, second or degree Celsius...
- Metric (mathematics)Metric (mathematics)In mathematics, a metric or distance function is a function which defines a distance between elements of a set. A set with a metric is called a metric space. A metric induces a topology on a set but not all topologies can be generated by a metric...
- Metrics (networking)Metrics (networking)Metrics is a property of a route in computer networking, consisting of any value used by routing algorithms to determine whether one route should perform better than another. The routing table stores only the best possible routes, while link-state or topological databases may store all other...
- Software metricSoftware metricA software metric is a measure of some property of a piece of software or its specifications. Since quantitative measurements are essential in all sciences, there is a continuous effort by computer science practitioners and theoreticians to bring similar approaches to software development...