Metrics Meaning and Definition

Pronunciation

/ˈmʌltɪvəraɪbəl ˈmɛtrɪks/ 🔊

Part of Speech

Noun

Definition

A system of quantifiable measures used to assess and analyze performance, efficiency, or effectiveness, typically compiled and monitored over time.

Examples

• The company tracks key metrics, such as customer satisfaction and revenue growth, to gauge its performance.
• Metrics often play a crucial role in setting goals and evaluating the success of a project.

Synonyms

• Measures
• Indicators

Antonyms

• Qualitative
• Subjective

Additional Information

Multivariable metrics have become increasingly important in various fields, such as business, healthcare, and education, as they provide a structured way to evaluate performance and identify areas for improvement. Effective metrics can help organizations make data-driven decisions, allocate resources more efficiently, and ultimately achieve their goals. On the other hand, poorly designed metrics can lead to inaccurate conclusions and misguided actions. As a result, it is essential to carefully design and implement metrics that accurately reflect the desired outcomes.

Etymology

The word “metrics” originates from the Greek word “metron,” meaning “measure.” In the context of multivariable metrics, the term refers to a system of measurable values that can be used to evaluate performance or progress.

Usage Notes

Metrics should be specific, measurable, achievable, relevant, and time-bound (SMART) to ensure they are effective in driving decision-making.

Cultural References

Multivariable metrics have been featured in various films, television shows, and books, such as “Moneyball” and “The Lean Startup,” which highlight their importance in achieving business success.

Idiomatic Expressions or Phrases

Idiomatic expressions or phrases often used with metrics include “kpi” (key performance indicator), “metric-driven,” and “data-driven decision-making.”

Related Words or Phrases

• KPI
• Analytics
• Data visualization

Collocations

• Metric system
• Metric analysis
• Metric report

Frequency of Use

Multivariable metrics are widely used in various industries, with the frequency of use increasing as data analysis and decision-making become more prominent.

Common Misspellings

• Metrix
• Metricses
• Metricies