Metrics Flashcards
Different Types of Metrics
What are the different type metrics?
input, output, guardrail, outcomes, and quality metrics
Input metric?
Definition: Measures of resources, efforts, or activities that are put into a process or project.
Examples: Amount of funding invested, number of hours worked, number of employees involved.
Output metrics?
Definition: Measures of the direct results of the activities or processes.
Examples: Number of products produced, number of services delivered, number of tasks completed.
Guardrail metrics?
Definition: Metrics used to ensure that certain thresholds or boundaries are not crossed, helping to maintain performance within acceptable limits.
Examples: Error rates, budget limits, maximum acceptable downtime.
Outcome metrics?
Definition: Measures of the ultimate impact or results of the outputs in terms of achieving the intended goals or objectives.
Examples: Customer satisfaction, revenue growth, market share.
Quality metrics?
Definition: Measures of the quality or standard of outputs and processes.
Examples: Defect rates, customer complaints, adherence to standards.
What are leading indicators?
Definition: Predictive measures that provide early signals about future performance or outcomes. They help anticipate changes and guide proactive actions.
Examples: Customer inquiries, sales pipeline size, employee training hours.
What are lagging indicators?
Definition: Measures that reflect the outcomes or results of past activities. They are often used to confirm trends and assess the effectiveness of actions taken.
Examples: Quarterly sales figures, annual profit margins, customer retention rates.
