industry metrics!

industry metrics

Comprehensive Analysis

1) "Industry" -- As to industry metrics in·dus·try Pronunciation: 'in-(")d&s-trE Function: noun Inflected Form(s): plural -tries Etymology: Middle English (Scots) industrie, from Middle French, from Latin industria, from industrius diligent, from Old Latin indostruus, perhaps from indu in + -struus (akin to Latin struere to build) -- more at END-, STREW 1 : diligence in an employment or pursuit; especially : steady or habitual effort 2 a : systematic labor especially for some useful purpose or the creation of something of value b : a department or branch of a craft, art, business, or manufacture; especially : one that employs a large personnel and capital especially in manufacturing c : a distinct group of productive or profit-making enterprises <the banking industry> d : manufacturing activity as a whole <the nation's industry> 3 : work devoted to the study of a particular subject or author <the Shakespeare industry> synonym see BUSINESS Pronunciation Symbols For other uses of this term, see Industry (disambiguation) GDP composition of sector and labour force by occupation. The green, red, and blue components of the colours of the countries represent the percentages for the agriculture, industry, and services sectors, respectively. Industry is the segment of economy concerned with production of goods. Industry began in its present form during the 1800s, aided by technological advances, and it has continued to develop to this day. Many "developed" countries (The U.S., the UK, Canada) depend significantly on industry. Industries, the countries they reside in, and the economies of those countries are interlinked in a complex web that may be hard to understand at first glance. Industry in the second sense became a key sector of production in European and North American countries during the Industrial Revolution, which upset previous mercantile and feudal economies through many successive rapid advances in technology, such as the development of steam engines, power looms, and advances in large scale steel and coal production. Industrial countries then assumed a capitalist economic policy. Railroads and steam-powered ships began speedily establishing links with previously unreachable world markets, enabling private companies to develop to then-unheard of size and wealth. Manufacturing is a wealth producing sector in an economy. Following the Industrial Revolution, perhaps a third of the world's economic output is derived from manufacturing industries—more than agriculture's share. In economics and urban planning, industrial is a type of land use and economic activity involved with manufacturing and production. Clark's Sector Model (1950) 1 History 2 Industrial development 2.1 Declinin..." 2) "Metrics" -- As to industry metrics 1met·ric Pronunciation: 'me-trik Function: noun Etymology: Greek metrikE, from feminine of metrikos in meter, by measure, from metron measure -- more at MEASURE 1 plural : a part of prosody that deals with metrical structure 2 : a standard of measurement <no metric exists that can be applied directly to happiness -- Scientific Monthly> 3 : a mathematical function that associates a real nonnegative number analogous to distance with each pair of elements in a set such that the number is zero only if the two elements are identical, the number is the same regardless of the order in which the two elements are taken, and the number associated with one pair of elements plus that associated with one member of the pair and a third element is equal to or greater than the number associated with the other member of the pair and the third element Pronunciation Symbols For other uses, see Metric. Metrics are a system of parameters or ways of quantitative and periodic assessment of a process that is to be measured, along with the procedures to carry out such measurement and the procedures for the interpretation of the assessment in the light of previous or comparable assessments. Metrics are usually specialized by the subject area, in which case they are valid only within a certain domain and cannot be directly benchmarked or interpreted outside it. The following ISM3 table suggests the elements that must be known for a metric to be fully defined. This table is critiziced some times as it omits controls against bias. Element Description Metric Name of the metric Metric Description Description of what is measured Measurement Procedure How is the metric measured Measurement Frequency How often is the measurement taken Thresholds Estimation How are the thresholds calculated Current Thresholds Current range of values considered normal for the metric Target Value Best possible value of the metric Units Units of measurement (Source of this table: ISM3) Metrics are used in business model, CMMI, ISM3 and knowledge management. These measurements or metrics can be used to track trends, productivity, resources and much more. Typically, the metrics tracked are key performance indicators. Metrics are important in IT Service Management including ITIL; the intention is to measure the effectiveness of the various processes at delivering services to cu..." 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