Frequently Asked Questions on What is a Metric in Analytics ?
How often should metrics be tracked and reviewed?
The frequency depends on the use case. Critical daily operations metrics should be monitored in real-time. Metrics for quarterly strategies may only need periodic reviews.
How many metrics should be tracked for a business process?
Limit to 4-5 critical metrics per process or area. Tracking too many dilutes focus and creates data overload
Should metrics be used to evaluate employee performance?
Yes, but metrics should account for only part of an employee’s overall objectives and actual work quality. Metrics can sometimes incentivize the wrong behaviors.
What is a Metric in Analytics ?
Metrics are foundational elements in the world of data analytics and business intelligence. A metric refers to a quantifiable measure that is used to track, monitor, and assess the performance of individuals, teams, systems, and organizations toward desired results.
Choosing the right metrics effectively provides good value in driving data-informed decisions and strategy. In this article we will see what is a metric along with guidelines and examples for applying metrics successfully in analytics.