Benchmarking Definition and Explanation PDF | Download eBooks
Learn Benchmarking definition in project management with explanation to study “What is Benchmarking”. Study benchmarking explanation with project management terms to review project management course for online MBA programs.
Benchmarking involves comparing actual or planned products, processes, and practices to those of comparable organizations to identify best practices, generate ideas for improvement, and provide a basis for measuring performance.
A Guide to the Project Management Body of Knowledge by Project Management Institute
Benchmarking is a process that enables to compare the performance (products, services, processes etc.) with another organization that is better in performance. This helps to plan and implement improvements within the organization. The projects can also be benchmarked and the comparisons are made with better performing similar projects. The organization or project which is to be benchmarked is called initiator while the better performing organization/project with which the comparison is to be made is called target. Benchmarking can be both internal and external to the organization. Using benchmarking, new ideas of improvement in the project can be generated. There are different types of benchmarking. The common types are product benchmarking, process benchmarking, financial benchmarking, performance benchmarking, structural benchmarking etc.
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