I believe both MIPS and FLOPS are metrices for calculating processor speed. What is the difference between them? Are they in any way related or dependent on each other?
Study them using google and you will find out a lot from using the full forms,
MIPS=millions of instructions per second
FLOPS= floating point operations per second
mips talks about instructions which could be any type of instruction.
flops talks about a specific type of operation present in the instruction which is related to decimal numbers.
so they are not related in measuring as both use different reference points.
FLOPS and MIPS had their own good and bad.
FLOPS is widely used by people who want to simulate something. NASA uses CELL (it uses FLOPS) to simulate how does sun, planet and universe works, you might not want to use MIPS on that since it may take forever to generate the results from it. Also the high-end GPU now a days uses a FLOPS as their instruction code, since it uses geometry to generate graphics which is FLOPS is indeed a good use for GPU.
Other end is MIPS which is widely used in PC and MACS today. MIPS based processor are used because it's cheap to produce and easy to code a programs on it.