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benchmark definition, 4th edition (bmd4): foreign direct investment: financial flows by partner country and by industry.
Benchmarking is the practice of comparing commercial enterprise procedures and performance metrics to industry bests and quality practices from different corporations. Dimensions generally measured are pleasant, time and price.
Benchmarking is used to measure overall performance the usage of a selected indicator (cost according to unit of degree, productivity in keeping with unit of measure, cycle time of x according to unit of degree or defects in line with unit of degree) resulting in a metric of performance this is then in comparison to others.
Also known as "great exercise benchmarking" or "process benchmarking", this method is used in control in which corporations evaluate diverse components in their techniques on the subject of nice-exercise groups' techniques, normally within a peer institution defined for the functions of evaluation.
This then permits groups to expand plans on how to make enhancements or adapt unique satisfactory practices, typically with the aim of growing some aspect of performance. Benchmarking can be a one-off event, however, is regularly handled as a non-stop method in which groups constantly are seeking for to improve their practices.
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