If you want to really understand what it is happening in your project I recommend you to analyze the decision making scenario and not the metrics per se.
An interesting way to understand it is like when you are about to buy a new alarm for your home. The expert ask you all about your house, your family, if you have a dog or other pets, etc. After that tells you how many sensors (Measuring tool implementation) will your house (online project) need. After that each sensor will be measuring all the house movements and if a deviation appears you will be informed (alert).
The above mentioned example shows how important is the “system” to make the metric make sense.
Having 80% of bounce rate doesn’t mean a thing unless you understand how does your website work. If you do have a blog with the entire note at the home and most of your visitors visits every note you post, then you should expect a high bounce rate, actually a high bounce rate could be a good metric for you.
So think on metrics as something that can’t be analyzed in an isolated way because lonely metrics are sterile…