is there any famous concept followed regarding this?
Yes, Most modern textbooks make use of Ernst Mayr's 1942 definition, known as the Biological Species Concept as a basis for further discussion on the definition of species. It is also called a reproductive or isolation concept.
Species
Most modern textbooks make use of Ernst Mayr's 1942 definition, known as the Biological Species Concept as a basis for further discussion on the definition of species. It is also called a reproductive or isolation concept. This defines a species as
define species as a group of organisms that can reproduce to produce fertile offspring UNANSWERABLE what species means? A species is often defined as the largest group of organisms in which any two individuals of the appropriate sexes or mating types can produce fertile offspring,  In addition, paleontologists use the concept of the chronospecies since fossil reproduction cannot be examined.
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Species [SEP] Mayr's biological species concept
Most modern textbooks make use of Ernst Mayr's 1942 definition, known as the Biological Species Concept as a basis for further discussion on the definition of species. It is also called a reproductive or isolation concept. This defines a species as It has been argued that this definition is a natural consequence of the effect of sexual reproduction on the dynamics of natural selection. Mayr's use of the adjective "potentially" has been a point of debate; some interpretations exclude unusual or artificial matings that occur only in captivity, or that involve animals capable of mating but that do not normally do so in the wild.