Definition: A set of browser metrics defined by Google to describe a page's user experience in terms of loading, responsiveness and stability. The current set is Largest Contentful Paint (LCP), Interaction to Next Paint (INP) and Cumulative Layout Shift (CLS).
So what? They give teams a shared, user-focused set of questions to watch when observing how a site behaves in real browsers.
Example: A team dashboard tracking LCP, INP and CLS for the checkout pages so that a slowdown after a release is spotted quickly.