A scale on which information is displayed in categories without any specific order. Usage Notes: Typical scales include: Blue, Green, Yellow Fruits, Vegetables Cars, Trucks Only the most simple operations, such  Full Article…

Is an impact often expressed using an ordinal scale or nominal scale.

A measurable value that an entity strives to achieve. Usage Notes Targets are used to guide activity. A target is a single value. A range of acceptable values is expressed  Full Article…

The acceptable level of departure from a target. Usage Notes Tolerance is usually expressed using the same unit of measure as the target– or some percentage of the target. As  Full Article…

A metric that can be used to judge underlying activity. Usage Notes There are three types of indicators: leading indicator, lagging indicator and coincident indicator Indicators are metrics that can  Full Article…

A single value obtained by direct measurement, or calculated using several other constituent values. Usage Notes “Total Sales” is a metric that directly measures the quantity of sales in a  Full Article…

An indicator that accurately represents current activity. Usage Notes Coincident indicators are often called real-time indicators.

An indicator that records past activity.

An indicator that predicts future activity. Usage Notes Leading indicators are difficult to design and, typically, require historical information to validate.

To reduce the uncertainty of a value using a standardized unit of measure. A value or a metric. Usage Notes Measurement is not perfect. There will always be some sort of  Full Article…

A measure of how quickly an entity is impacted once an event occurs. Usage Notes Quantitatively, velocity is expressed using a unit of time (days, hours, minutes, seconds or some sub-second measure). Qualitatively,  Full Article…

The hypothetical probability that an event that has already occurred would yield a specific outcome. Usage Notes Unlike probability, mathematical likelihood is used to evaluate past events. Historical Notes Formerly,  Full Article…

A measure of the chance that an event (or set of events) will occur expressed on a linear scale from 0 (impossibility) to 1 (certainty). Usage Notes: Sometimes, probability is expressed  Full Article…

A scale on which information is displayed in order of magnitude because there is no standard of measurement of differences. Usage Notes: Typical scales include: High, Medium, Low Hot, Medium,  Full Article…