So how do you decide what should be the baseline on a brand new project? 70%? 80% 90% ? :-)
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Let me repeat myself: coverage metrics are a good negative indicator, but a bad positive one. Low coverage numbers--say, below 60%--are a certain sign of trouble. They mean there's a lot of untested code in your code base. But high numbers don't mean anything. Thus, measuring the code coverage should be only a first step on the way to a quality test suite.