Benchmarking Definition
Benchmark definition is something that serves as a standard by which others may be measured or judged. The new hotel is a benchmark in opulence and comfort.
Dimensions typically measured are quality time and cost.
Benchmarking definition. Benchmarking always starts with a research question and ends with recommendations and. Benchmarking is the process of comparing your own organization its operations or processes against other organizations in your industry or in the broader marketplace. Benchmark definition a standard of excellence achievement etc against which similar things must be measured or judged.
Benchmarking is the practice of comparing business processes and performance metrics to industry bests and best practices from other companies. Benchmark indexes have been created across all types of asset classes. The firm benchmarked its pay against that in industry.
Benchmarks are indexes created to include multiple securities representing some aspect of the total market. Benchmarking is a process of measuring the performance of a companys products services or processes against those of another business considered to be the best in the industry. To measure or test against a benchmark.
How to use benchmark in a sentence. In business benchmarking is a process in which a company compares its products and methods with those of the most successful companies in its field in order to try to improve its own performance. Benchmarking is an important tool for companies to help them improve and stay competitive in the marketplace.
A measurement of the quality of an organizations policies products programs strategies etc and their comparison with standard measurements or similar measurements of its peers. Benchmarking can be applied against any product process function or approach in business. A criterion by which to measure something.
A point of reference from which measurements may be made. Something that serves as a standard by which others may be measured or judged.
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