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Metric Definition Template for Product Planning

A precise template for documenting product metrics with formulas, data sources, edge cases, thresholds, and ownership so every team member calculates...

Updated 2026-03-05
Metric Definition
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Frequently Asked Questions

Who should write metric definitions?+
The PM who owns the metric writes the definition. The data analyst validates the formula and data source. Engineering confirms the event tracking is correct. All three should review the final definition.
How do I handle metrics where the definition is debated?+
Schedule a 30-minute definition alignment meeting with all stakeholders. Walk through this template field by field. Most disagreements resolve once edge cases and exclusions are made explicit. If a genuine disagreement remains, the PM makes the call and documents the rationale.
Should I define metrics that are already in our BI tool?+
Yes. Dashboard metrics often have implicit definitions embedded in SQL queries that nobody reads. Making the definition explicit in this template catches discrepancies between what people think the metric measures and what the query actually calculates.
How detailed should the formula be?+
Detailed enough that someone unfamiliar with your product could implement it and get the same number. If the formula requires insider knowledge to interpret (e.g., "activated means they did the thing"), it is not detailed enough.
How do I handle metrics that span multiple data sources?+
Document each data source separately and describe how they are joined. Note any known discrepancies between sources (e.g., "Stripe reports revenue at transaction time; our database records it at invoice time, creating a 1-2 day lag"). Use the [Lagging and Leading Indicators Template](/templates/lagging-leading-template) to track cross-source metrics.

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