Measurements of Internal Microprocessor Speed:
Clock Frequency: How many computational "Clock Cycles" a processor can perform per second. This number is almost always measured in a Hz value, and in modern times a Gigahertz value, or GHz
IPC: Instructions per Clock. How many instructions a processor can compute per Clock Cycle. This is more important for real-world speed than the Clock Frequency, as a processor with 20 IPC at 2GHz is just as fast, or even faster than a 10 IPC at 4GHz processor. This is due to Branch Prediction errors, cache delay, and the fact the processor does twice the calculations per cycle.
FLOPS- Floating Point Operations Per Second. These are processor operations that are a bit more complex than Instructions, but still fairly simple. A processor's FLOP count is measured in an effort to put a number on the processor's "Real World" performance-- in a better light than Frequency and IPC. In today's world, you may hear these called Giga-Flops or Tera-Flops, just like the Gigahertz mentioned above.
There are other, smaller things, such as cycles lost per prediction / instruction error, internal latency, cache, speed, and the sort, but they typically show up in one or all of the above mentioned measurements.
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