With the proliferation of analytics, there has also been a boom in jargon, semantic-driven miscues and misuse of terminology essential to business management.
Goal – the singular and primary winning state that is desired.
Objective – the measurable milestones that contribute and define the goal.
Strategy – the actions, tasks and/or steps needed to realize the goal.
Tactic – the tools or implements used to support execution of the strategy and reach the objectives.
SM (Success Metric) A subset of metrics or KPIs that communicate the efficacy
KPI (Key Performance Indicator) An important measure that should be tracked and reported.
MVA (Most Valued Action) Like an SM, but generic enough to include clicks or other non-page serving activity.
Precision Exactness of a measurement, e.g. 1.2 Page Views/Visit versus 1 vs 1.2109.
Accuracy Indication of how close a measure is to the generally accepted; it is about the relative difference.
Efficiency Measure of how well desired outcome is achieved per given unit of input, often expressed as a ratio
Efficacy Measure of the ability to produce a avery specific outcome, often a binary determination under given conditions.
Effectiveness Measure of the capability to produce the desired outcome, used more generally and as a relative measure.