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KPI is a metrics (a statistics) which is agreed with Business/ stakeholders that it will be monitored and how it will be calculated and presented in what form. So in nutshell all KPIs could be metrics, but all metrics are not KPIs. Definition of KPI is a parameter which is discussed with business and it is known parameter on how to capture it.
A KPI or Key Performance Indicator is a measurable value that demonstrates how effectively a company is achieving key business objectives. Many organizations use KPIs to evaluate their success at reaching targets set out based on their requirements.
A Business Metric is a quantifiable measure used to track and assess the status of a specific business process. Every area of business has specific metrics that should be monitored – marketers may track campaign and program statistics, sales teams may monitor new opportunities and leads, and executives look at big picture financial metrics.
All this help the organization ascertain where they want to be, where they currently stand, and what needs to be done to achieve the goals/targets set out for the time period specified.
KPI (Key Performance Indicators) is a metric which is used to determine how you are performing against your business objectives.
A metric can be a number or a ratio. So we can have ‘number metrics’ and we can have ‘ratio metrics’.
Example: Visits, Page views, Revenue etc are number metrics because they are in the form of numbers.
Bounce rate, Conversion rate, Average order value etc are ratio metrics because they are in the form of ratios.
So we can have ‘number KPIs’ and we can have ‘ratio KPIs’.
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