As an Amazon Associate I earn from qualifying purchases.

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 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 Bidder Conference?

To conduct procurement, the communication between the buyer and the prospective sellers is necessary. One way of doing this is ...

What is Exploit Strategy?

When the SWOT analysis of the organization is performed, some opportunities are identified. These opportunities can positively affect the organization ...

What is Coordinating?

Directing subordinates (project team members) is an important function of management. A project manager must be able to effectively direct ...

What is Early Project Termination?

Although a project is to be terminated properly at the end of its life cycle, however, there are some situations ...

What is Flow Chart?

It is important to completely understand the process before improving it. For this reason, flow charts are used. Flow charts ...

What is Cost Management Plan?

A very necessary part of project management is the estimation of costs associated with the project activities and tasks. A ...