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The phrase "a new yardstick" is correct and usable in written English.
It can be used to refer to a new standard or measure by which something is evaluated or judged.
Example: "The recent changes in policy serve as a new yardstick for assessing the effectiveness of our programs."
Alternatives: "a new benchmark" or "a new standard".
Exact(7)
There is a new yardstick for the size of the universe.
And it will give the company a new yardstick by which to measure its progress going forward.
WASHINGTON — After years of judging the merits of federal laws by their costs or savings, Washington is applying a new yardstick: Will they create or destroy jobs?
At the very least, the scientists have created a new yardstick by which any future foot-dragging on climate can be measured.
"The Dmanisi fossils give us a new yardstick, and when you apply that yardstick to the African fossils, a lot of that extra wood in the tree is dead wood.
Paul Kedrosky, the venture capitalist, wrote in his blog on Sunday that the industry needs a new yardstick — he calls it "the TPG," with one TPG equaling $14 billion.
Similar(53)
"It established a whole new yardstick to measure value.
A new readability yardstick.
It could be used as a new critical yardstick: how long does a film stay with you after you leave the cinema?
This is the new yardstick with which to measure the success of an artwork.
Whatever the median ratio is--however inflated that may be in today's world of executive compensation--will by default become the new yardstick.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com