This article can be compared to the importance of Standards, Frameworks and Models.
- Measurement is like a standard – which has been established globally (like the value of a $, or lines of code or function points or time etc) or locally within an organization (like man months etc)
- Metrics is like a framework – which uses a combination of measures to arrive at a meaningful outcome (like cost variance, size variance, productivity, etc)
- Indicators is like a model – which is to be established and interpreted based on the need of the business (like cost variance should be below 5%, size variance should be less than 2%, productivity should be greater than 8 FP per work day etc).
It is very important that we use the right combination of all the three to ensure that the business/organization benefits from these in line with their business objectives.