2007-02-17 22:50:46 · 5 answers · asked by Tainsuwan C 1 in Business & Finance ➔ Corporations
Benchmarking (also "best practice benchmarking" or "process benchmarking") is a process used in management and particularly strategic management, in which organizations evaluate various aspects of their processes in relation to best practice, usually within their own sector. This then allows organizations to develop plans on how to adopt such best practice, 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 challenge their practices.
2007-02-17 23:09:49 · answer #1 · answered by Faye H 6 · 0⤊ 0⤋
Benchmarking is like a standard for which to aspire. Companies use benchmarking to gauge their success. A benchmark is the average for a particular industry or product. It can be a goal for which to work toward.
2007-02-17 22:59:06 · answer #2 · answered by Flyby 6 · 0⤊ 0⤋
Benchmarking very simply put, is doing something as you or somebody has done before and holding it up as a model.
2007-02-17 22:58:38 · answer #3 · answered by Anthony F 6 · 0⤊ 0⤋
Benchmarks are a set of standards that are considered to be best practices or the standard you should aspire to be at.
You then can compare your performance to these standards to see how you are performing compared to for example other companies.
2007-02-19 12:12:50 · answer #4 · answered by Jen G 5 · 0⤊ 0⤋
benchmarking is identifying accurate historical data against with a data set can be compared now and in the future.
2007-02-17 22:56:41 · answer #5 · answered by JASMINE 1 · 0⤊ 0⤋