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The concept of miss distance-Euclidean, Mahalanobis, etc.-is a fundamental, far-reaching, and taken-for-granted element of the engineering theory and practice of single-target systems. In this paper we introduce a comprehensive Lp-type theory of distance metrics for multitarget (and, more generally, multiobject) systems. We show that this theory extends, and provides a rigorous theoretical basis for, an intuitively appealing optimal-assignment approach proposed by Drummond for evaluating the performance of multitarget tracking algorithms. We describe tractable computational approaches for computing such metrics based on standard optimal assignment or convex optimization techniques. We describe the potentially far-reaching implications of these metrics for applications such as performance evaluation and sensor management. In the former case, we demonstrate the application of multitarget miss-distance metrics as measures of effectiveness (MoEs) for multitarget tracking algorithms.