⊿ Point. {R} Glossary. ◢ Keyword: B. ◥ University. {q} PhD. {tr} Training. ⚫ UK. ⚫ England. ↂ EndNote. {q} NS: BPM. ✊ Harvey (2009) Benchmark. From Wikipedia, the free encyclopedia Benchmark may refer to: Business and economics[edit] Science and technology[edit] Companies[edit] Other uses[edit] See also[edit] Topics referred to by the same term.
Benchmarking. Benchmarking is the process of comparing one's business processes and performance metrics to industry bests or best practices from other industries. Dimensions typically measured are quality, time and cost. In the process of best practice benchmarking, management identifies the best firms in their industry, or in another industry where similar processes exist, and compares the results and processes of those studied (the "targets") to one's own results and processes. In this way, they learn how well the targets perform and, more importantly, the business processes that explain why these firms are successful.
Benchmarking is used to measure performance using a specific indicator (cost per unit of measure, productivity per unit of measure, cycle time of x per unit of measure or defects per unit of measure) resulting in a metric of performance that is then compared to others.[1][2] Benefits and use[edit] Collaborative benchmarking[edit] Procedure[edit] The 12 stage methodology consists of: