What is Benchmarking in Project Management? 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 Definition

  • 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 Explanation

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.

Keep Learning Project Management Explanations

What is Project Sponsor?

A project sponsor is an individual who is responsible for the overall performance of the project. He/she makes sure that ...

What are Conflict Resolution Skills?

Conflicts during the project are must and cannot be avoided. When different people work together, they must face some disagreement ...

What is Time Management?

A project involves a lot of activities and tasks that must be performed on time so that the project can ...

What is Cost Benefit Analysis?

In management, selecting and qualifying projects is important. It means to determine the worth of a project. Several methods are ...

What is Legitimate Power?

A project manager is granted several authorities and powers while carrying out a project. He/ she can command and give ...

What is Risk Breakdown Structure?

Different types of risks are involved in a project. These risks must be identified in early stages of the project ...