Metrics are quantitative numbers that a business uses to measure its operational performance. Both leading and lagging indicators can be metrics. Most businesses track changes in metrics on a regular basis and run seasonality analyses or cross-industry benchmarks on their metrics.
Examples of metrics may include:
Cost per pound
Revenue per head
Average pallets per truck load
Utilization rate
New deals per quarter
Reports per week
Ratio of production costs to transport costs
Percentage of wastage
Feed conversion
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Metrics are a key indicator of the health of a business and should be selected and aligned to the company’s top strategies and priorities. Metrics for a challenge should be specifically selected to measure progress toward reaching the goal of the challenge.
It is common to have only a few primary metrics, 5 or less, and (optionally) many more secondary metrics. If there are too many metrics, it can be hard to gauge success.