Benchmarking

Understanding Benchmarking

Benchmarking can be defined in a number of ways, including:

• anything taken or used as a point of reference or comparison
• something that is comparatively measurable
• something that serves as a standard by which others may be served

How Does Your Company Compare?

It is important to establish benchmarking practices and methods within your industry in order to monitor performance and achieve excellence in economic development.

Benchmarking is used as a measurement of performance against the best of the best through a continuous effort of constantly reviewing processes, practices, and methods. Benchmarking helps you to determine who is the best, who sets the standard, and just what that standard is!

As such, benchmarking is a performance measurement tool that can be used in conjunction with Lean initiatives for improving performance and output.

Date Updated: Jan 15, 2008
RDP-533