Journal metrics are numerical measures of a journal's scholarly impact on their field, calculated via formulas such as number of possible citations divided by actual citations. People use impact factors to make decisions about who to hire and who to promote, in addition to where to publish. The "impact factor" is just one of many of these metrics, developed by Journal Citation Reports.
However, it is important to note that impact factors can be a deeply flawed metric, perpetuating systemic inequality and academic prestige economies at a vast scale. Consider multiple kinds of metrics as well as the economic, historical, and cultural context of a journal before making a decision.
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