A bullet chart is a variation of a bar chart developed to replace dashboard gauges. A bullet chart is a compact and informative way to display performance against a target. It is composed of 3 components:

• A center bar showing the actual value of the metric you are checking
• A vertical line or other shapes showing a target value
• Bands that represent threshold ranges, by default they are drawn as percentages of the target value and you can change them by adding a column of your choice in the Bands tray

Bullet charts are most often used to compare forecasts to actual numbers. For example, an organization may want to check the current year’s revenue against a goal, while comparing it to your low, average, and exceeding targets.