• My understanding (frequently wrong) is that it's both explicit and implicit transactions whether called by the user or within the server itself. I generally don't use it since it's something of an ill-defined number. Instead I use batch requests/sec. That's a much more clearly defined number. It's only an indication of load, and there isn't a "too high" or "too low" there's just a "not as high as yesterday" for these types of counters.

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    Author of:
    SQL Server Execution Plans
    SQL Server Query Performance Tuning