What should a metrics dictionary include?
For each metric: a plain-language definition, the exact formula, filters and exclusions, the grain it is reported at, an owner, a version and a changelog. The changelog matters most — it is what tells people a number changed meaning.
Who should own metric definitions?
A named person or team per metric, usually analytics for core KPIs. Ownership means approving definition changes and telling the dashboards, reports and models that depend on them.
Classic or rolling retention?
Either can be right; the dictionary’s job is to say which one you use. Classic (day-N) retention counts users active exactly on day N; rolling counts users active on day N or later. They are not comparable.
How do I keep the dictionary from going stale?
Treat it like a product: review it when a metric changes, attach the change to the dictionary entry, and list which dashboards and models are affected. A dictionary written once during onboarding drifts within months.