Definitions for benchmarking
bench·mark·ing

WikidataRate this definition:1.0 / 1 vote

1. 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 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 resulting in a metric of performance that is then compared to others. Also referred to as "best practice benchmarking" or "process benchmarking", this process is used in management and particularly strategic management, in which organizations evaluate various aspects of their processes in relation to best practice companies' processes, usually within a peer group defined for the purposes of comparison. This then allows organizations to develop plans on how to make improvements or adapt specific best practices, usually with the aim of increasing some aspect of performance. Benchmarking may be a one-off event, but is often treated as a continuous process in which organizations continually seek to improve their practices.

U.S. National Library of MedicineRate this definition:0.0 / 0 votes

1. Benchmarking

   Method of measuring performance against established standards of best practice.

How to pronounce benchmarking?

1. Alex

   US English

   David

   US English

   Mark

   US English

   Daniel

   British

   Libby

   British

   Mia

   British

   Karen

   Australian

   Hayley

   Australian

   Natasha

   Australian

   Veena

   Indian

   Priya

   Indian

   Neerja

   Indian

   Zira

   US English

   Oliver

   British

   Wendy

   British

   Fred

   US English

   Tessa

   South African

How to say benchmarking in sign language?

Numerology

1. Chaldean Numerology

   The numerical value of benchmarking in Chaldean Numerology is: 2

2. Pythagorean Numerology

   The numerical value of benchmarking in Pythagorean Numerology is: 6

Examples of benchmarking in a Sentence

1. James White:

   When you look at a 20% increase walking in and then you see a 4% reduction by the end of the year, that tells you that your strategies are moving in the right direction, from a benchmarking standpoint, yes we've had some reductions that we're proud of, but at the same time, those numbers mean nothing when you've got to tell a mother that her son was shot or a wife that her husband was shot.

2. Peter Attard Montalto:

   The fact the manifesto specifically links the monetary policy committee's actions to the 'second phase of transition' is an explicit benchmarking of monetary policy against political aims, it sets the SARB up for criticism in future as counter-revolutionaries and can further fuel the nationalisation debate.

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References

1. ^ Wikidata
   https://www.wikidata.org/w/index.php?search=benchmarking