I have been asked recently to produced the MIPS (million of instructions per second) for an algorithm we have developed. The algorithm is exposed by a set of C-style functions.
This response is not intended to answer the question directly, but to provide additional context around why this question gets asked.
MIPS for an algorithm is only relevant for algorithms that need to respond to an event within the required time.
For example, consider a controller designed to detect the wind speed and move the actuator within a second when the wind speed crosses over 25 miles / hour. Let us say it takes 1000 instructions to calculate and compare the wind speed against the threshold. The MIPS requirement for this algorithm is 1 Kilo Instructions Per Second (KIPs). If the controller is based on 1 MIPS processor, we can comfortably say that there is more juice in the controller to add other functions.
What other functions could be added on the controller? That depends on the MIPS of the function/algorithm to be added. If there is another function that needs 100,000 instructions to be performed within a second (i.e. 100 KIPs), we can still accommodate this new function and still have some room for other functions to add.