An improvement process in which a company measures its performance against that of best in class companies, determines how those companies achieved their performance levels and uses the information to improve its own performance. The subjects that can be benchmarked include strategies, operations, processes and procedures.
Comparing the performance of an organisation with others, using a set of indicators which are common to each.
The process for identifying standards to use in comparison of practices, activities, institutions or equipment; standards my be used to identify minimal levels or for determining relative performances for comparison of subjects.
Comparing activities against agreed parameters to assess degrees of comparative performance
A benchmark is a reference point. Benchmarking in financial risk management refers to the practice of comparing the performance of an individual instrument, a portfolio or an approach to risk management to a pre-determined alternative approach.
As in surveying, a criterion by which to measure something.
A method of establishing internal expectations for excellence based on direct comparison to "best". In some cases, the best is not a direct competitor in your industry.
(1)The process of finding a company that is superior in a particular area, studying what it does, and gathering ideas for improving your own operation in that area. (2) Identifying an organization that appears to do something well and copying or adapting its methods. Studying how well competitors are meeting customer needs or what other organizations appear to do well can be beneficial, providing management is aware that transferring a method from one set of circumstances to another will not necessarily produce the same results. It is important to have a theory as to why a method or system works and the conditions needed for its success.
Measuring and comparing our organization against other organizations, based on a defined set of criteria, to improve our product or service.
A comparison of key figures within one or more enterprises and fixed standards or targets, used to identify measures and objectives for improvement.
The process of measuring products, services, and practices against those of leading companies.
The process of comparing the products and services of a business against those of competitors in a market, or leading businesses in other markets, in order to find ways of improving quality and performance
The comparative analysis of occupational injury and illness incidence rates with the national average.
Identifying measures against which an organization's progress can be compared. Birth cohort. A birth cohort is a group of people who were born in a specified calendar period.
Measuring our performance against the performance of comparable companies.
Formal process of evaluating a company's performance by comparison with its peers and competitors in the industry.
Comparing returns of a portfolio to the returns of its peers; in private equity, fund performance is benchmarked against a sample of funds formed in the same vintage year with the same investment focus.
1. Measuring the performance of hardware components or systems (such as processors or servers) using standard benchmarks maintained by an independent organization, such as the Transaction Processing Performance Council (see TPC). 2. Measuring performance qualities (such as efficiency or spending) of enterprise organizations or processes (such IS) against comparative benchmarks. Such benchmarks can be external (for example, averages of industry peer performance) or internal (for example, measurements of an organization's performance in different time periods, or comparison to other organizations in the same enterprise).
Measuring a company’s performance against other competitors or unrelated firms, often to show where opportunities to improve are greatest.
The establishment, through data gathering, of targets and comparators, whereby relative levels of performance (and particularly areas of underperformance) can be identified. By the adoption of identified best practices it is hoped that performance will improve.
Information and data regarding processes and results that represent best practices and performances. This information is gathered by comparing ones home institution with other institutions in order to see which has the better performance. See the Benchmarking Tool Kit on this web site for specific instructions.
comparing school expenditure with broadly similar schools at local, regional and national levels
A process of comparing organizational performance against other, similar operations or jurisdictions, or against a standard, past time-frame, while maintaining direct comparability of performance measures.
Benchmarking is the process of continuously measuring and comparing one's business processes against comparable processes in leading organizations and industry best practices to obtain information that will help the organization identify and implement improvements.
1. The search for the best practices among competitors or non-competitors that lead to their superior performance; 2. The process of determining one’s performance in relation to the "Best In Class." Benchmarking consists of five phases: planning, analysis, integration, action and maturity. It is an important element of the quality process for improving performance.
The systematic process of comparing an organization's products, services and practices against those of competitor organizations or other industry leaders to determine what it is they do that allows them to achieve high levels of performance.
Identification of best practice in another organizational unit, followed by its analysis and adoption. (Blackwell Encyclopedic Dictionary of Organizational Behavior, 1995.) A Total Quality tool used to measure and compare your library's work processes with those in other libraries. The goal of benchmarking is to increase your library's performance by adopting the best practices of your library benchmarking partners. ("Library Benchmarking Explained", Library Benchmarking Newsletter, 1997.)
The process of comparing a particular company with a group of "benchmark" companies.
Comparison of a company's products, services or financial figures with the best in its particular sector.
comparing our performance with leaders in the field, using external performance information to measure our performance
Comparing your product to the best competitors'.
the measurement of performance against best practice as a means of setting goals for improvement – applied by firms to business processes (e.g. within their sector), or by national or regional policy-makers (e.g. in relation to support for the creation of new technology-based firms)
measures standards of performance against others doing similar work.
The process of comparing your firm's performance against the best practices of other leading companies and determining how you might improve.
A method of comparing the relative performance range of different businesses. Benchmarking is an effective way of identifying areas for business improvement.
Is the process where an organisation will compare its processes, products, performance against other organisations. These other organisations can be in the same or other industries. (PMI)
Measuring progress toward a goal at intervals prior to the anticipated attainment of the goal.
a method of comparing the performance of your business against an established standard covering a range of business activities.
A systematic process through which an agency process or activity compares its performance with alternatives. For example, it tests its functions, particularly the efficiency and price of outputs, against a standardised function or set of achievements.
A method used by organisations for comparing themselves to other organisations (e.g. in efficiency, effectiveness etc).
Formal process of evaluating a company's performance, comparing it with its peers and competitors in the industry.
The process of setting “benchmarks,” which means identifying accurate historical data against with a data set can be compared now and in the future. In some cases the term has come to mean goals, which confuses participants in dialogue about indicators.
A controlled means of testing the performance of a technology or application. Benchmarking is used to assess the throughput of an application. See Also: Heisenberg Uncertainty Principle, Throughput
The process by which a community evaluates indicators, data and performance against established benchmarks to identify its progress toward its planning goals.
The process of measuring performance against some set standard. Benchmarking in the contact center industry refers to comparing demographics, processes, and service with other organizations to identify strengths, weaknesses, and improvement opportunities in one's own organization.
a standard used for making comparisons with other organisations or against criteria, to help identify strengths, weaknesses and areas for improvement.
The process of evaluating performance of an organization, or unit within an organization against a standard, be it the best performing unit with an organization/industry, or an agreed set of standards.
A series of quantitative measurements of performance.
Benchmarking is the process of gathering information about other companies in your industry to compare your performance against and to use to set goals.
A continuous, systematic process for evaluating the products, services, and work processes of organisations that are recognised as representing best practices for the purpose of organisation improvement.
Means the practice of comparing indicators of utility service performance; the study of specific performance indicators or business practices in order to improve the performance of the industry; the selection of best performance indicators as yardstick measurements to be used in setting target performance standards for such regulatory practices as ratemaking.
systematic comparison with exemplary companies or processes and learning from these
A comparative measure against an initial set of findings to ascertain your current position.
A systematic and continuous measurement process; a process of continuously comparing and measuring an organisation's business processes against business leaders anywhere in the world to gain information that will help the organisation take action to improve its performance.
The continuous activity of identifying, understanding and adapting best practice and processes that will lead to superior performance.
Serving as a tool for performance measurement, benchmarking sets optimal, realistic standards within an industry.
The process of comparing performance against best practice in similar organisations, or similar processes in different organisations, during the same period. Also known as cross-sectional analysis, horizontal analysis, or peer analysis. In the context of operational risk it is the comparison of a firm's loss data and measures of operational risk with competitors and other firms in the industry.
The process of comparing the company's products and processes to those of competitors or leading firms in other industries to find ways to improve quality and performance.
A way of comparing a particular process and outcomes in one organisation with another organisation. Each organisation can then examine and change their own processes to achieve better outcomes.
a quality assurance process in which an organization sets goals and measures its performance in comparison to those of the products, services, and practices of other organizations that are recognized as leaders.
A technique used to determine "best" practices for a particular process or product.
A management tool that allows the deliverer of a product or service to compare its performance with like providers. Benchmarking is an important instrument in the design of the new funding model for social housing, and means setting a narrow range of acceptable operating costs for social housing providers. Through benchmarks, the funding of operating costs and capital reserves becomes more predictable for both Service Managers and housing providers.
An organization change process directed toward continuous improvement. A benchmark is a comparative standard for evaluating accomplishments against known exemplars of excellence. It is a targeted goal beyond current capabilities, but for which the organization is striving. It is a search for best practices among recognized leaders who sustain superior performance and is focused on analyzing what the superior organization did to improve that could be applied in other places.
is a method of comparing contract services to market services or other independent standards.
Benchmarking or maintenance benchmarking is the process of measuring performance levels.
The analysis of selected activities and processes, and their comparison with similar analyses for other organisations.
A method of identifying the level of performance that can be related to specific outcomes of a particular procedure, intervention, or process. The goal is to identify "best practices." Benchmarking is frequently used as a quality improvement (QI) initiative.
A tool for continuous improvement that involves quantifying internal performance and then comparing performance against an external group.
A process of searching out and studying the best practices that produce superior performance. Benchmarks may be established within the same organization (internal benchmarking), outside of the organization with another organization that produces the same service or product (external benchmarking), or with reference to a similar function or process in another industry (functional benchmarking).
The comparison of similar processes across organizations and industries to identify best practices, set improvement targets and measure progress. Benchmarking results may serve as potential targets for Balanced Scorecard measures.
A continuous process of measuring products, services and practices against the toughest competitors recognized as the industry leaders.
Performance comparison of organization business processes against an internal or external standard of recognized leaders. Most often the comparison is made against a similar process in another organization considered "world class."
A process allowing comparison of one data set (e.g. company performance) to another (e.g. industry performance).
The identification of best practices in your own or another industry that exemplify superior performance.
Comparison of one organization's performance with a group of other organizations, on some particular group of measures. The best performing organization is considered to have best practice, and other organizations may adopt its methods.
A systematic procedure of comparing a company's practices against the best practice and modifying actual knowledge to achieve superior performance.
Benchmarking (technical) An in-depth investigation to determine how competitors and/or best-in-class companies achieve their level of performance.
A process of studying successful competitors (or organizations in general) and selecting the best of their actions or standards. In the new product program it means finding the best development process methods and the best process times to market and setting out to achieve them.
A method used by organisations for comparing themselves (in terms of efficiency, effectiveness etc) to other organisations.
Comparing performance with other organisations and used to identify scope for service improvement by highlighting areas of difference. Benchmarks (measurement data that act as a baseline/starting point) may also be used to assess an indidual organisation's performance over a period of time.
The process of comparing performance results or processing methodologies with third-party benchmarks and then take actions to achieve or implement systems similar to or better than those of the third party.
A search for the best practices that will lead to superior performance. Benchmarking is usually executed with those who perform a targeted activity the best, regardless of the industry. Internal benchmarking makes comparisons within an organization, such as developing best practices from several hospitals that perform similar functions.
A management tool for comparing performance against an organization that z widely regarded as outstanding in one or more areas, in order to improve performance.
Occurs when the retailer sets its own standards and measures performance based on the achievements of its sector of retailing, specific competitors, high-performance firms, and/or the prior actions of the company itself.
is a process for measuring the performance of an organisation.
Continuous measurement of a process, product, or service compared to those of the toughest competitor, to those considered industry leaders, or to similar activities in the organization in order to find and implement ways to improve it. This is one of the foundations of both total quality management and continuous quality improvement. Internal benchmarking occurs when similar processes within the same organization are compared. Competitive benchmarking occurs when an organization's processes are compared with best practices within the industry. Functional benchmarking refers to benchmarking a similar function or process, such as scheduling, in another industry.
A standardised method for collecting and reporting critical operational data in a way that enables relevant comparisons of performances of different organisations or programmes, often with a view to establish good practice.
Learning Objectives, Performance Measures & Performance Standards
Comparison of performance by different organisations.
The establishment of a standard or reference point against which to establish targets and measure progress.
A term used to describe a standard against which comparisons can be made.
The practice of studying the methods of an acknowledged leader in an industry as a way of setting standards for one`s own operation.
The continuous process of measuring producers, services, and practices against competitors or recognized industry leaders. It is an ongoing activity that is intended to improve performance and can be applied to all facets of operation. Benchmarking requires a measurement mechanism so that the performance gap can be identified.
A process of comparing your organization's practices to the best practices or standards of other similar organizations.
A technique using quantitative or qualitative data to make comparisons between different organizations or different sections of the organizations.
A benchmark is a standard that provides a measuring-stick for relative performance. Benchmarking is critical to formulating a knowledge-based plan of action to achieve objectives.
A performance standard against which operating performance is measured, which is used to identify performance improvements and best practices in an industry.
This is a process of improving your services by learning from those organisations with better performance.
A point of reference. It is often used in the public sector as a term for comparing the performance in the public sector with the private sector or for comparing systems in Ireland with systems in other countries.
The search for industry best practices that lead to superior performance. [D04919] 43 review of what others are doing in the same area. For those who appear to be part icularly successful, what they do and how they do it are taken to be examples that should be emulated, i.e. used as " benchmark [D02407] RMW
A point of reference for measurement.
The process of identifying and incorporating best practices that will lead to continuous improvements in performance and customer satisfaction. The Business Excellence Model is widely used in the Civil Service and private sector.
Comparison of activities, processes or results with those already achieved by an organisation itself or by another organisation.
Comparing activities, standards, levels of performance, and other factors to those of another, such as a company.
This is a continuous, systematic process for evaluating products, services, or work processes of programs or organizations in order to make improvements.
The process of continuously comparing and measuring an organisation against leaders (be they competitors, or best in class organisations) for both performance levels and process management in order to gain information that will help the organisation take action to improve its performance.
The comparison of an internal process or practice to one that is acknowledged to represent “best industry practice” for the purpose of determining how the existing process or practice can and should be improved.
This is the process of measuring the performance of hardware or software in a specifically defined and strictly controlled environment. The benchmarking result is usually represented by a time or a number rating that corresponds to how quickly certain tasks can be completed. The benchmark must be reproducible, of course, to have any meaning.
The process by which a company compares its own performance, products, and services with those of other organizations that are recognized as the best in a particular category. The product or service that is determined to be the industry standard is known as a benchmark.
a structured approach for identifying the best practices from industry and government, and comparing and adapting them to the organization's operations. Such an approach is aimed at identifying more efficient and effective processes for achieving intended results, and suggesting ambitious goals for program output, product/service quality, and process improvement.
Comparison of the services that are provided or will be provided by an organisation or of its processes with one or more companies considered best in class, which may operate in the same or a different branch of industry. Certain key performance indicators are usually applied.
A point of reference from which quality or excellence is measured.
A continuous process of measurement of products, services and work processes, against those recognised as leaders.
Comparing one company with others (or one part of a company with others) on the basis of particular criteria.
The process of continuously comparing and measuring a private and/or public organization against recognized leaders and similar organizations to gain information that will help the organization take action to improve its performance.
The assessment of how well a business is doing against competitors and similar firms and the analysis of what must be done to improve performance to be as good as, and do better than, the industry leaders. Benchmarking covers non-financial as well as financial figures. It goes without saying that for benchmarking to be carried out properly, the business has to prepare figures (financial as well as non-financial) that can be compared with other businesses.
An actual measurement of group performance against an established standard at defined points along the path toward the standard. Subsequent measurements of group performance use the benchmarks to measure progress toward achievement. (New Horizons for Learning)
The practice of comparing the performance of your organisation, department or function against the performance of 'the best' - whether they be other organisations, industry standards or internal departments. The aim is to look at how well you are doing compared to others in the same field or industry, and to learn from their best practices as a basis for improving your own.
Method of comparing the relative performance range of businesses, used as an effective way of identifying areas for business improvement.
Formal programs that compare a plant's practices and performance results against "best-in-class" competitors or against similar operations.
The process of obtaining the benchmarks, best practices, and enablers from the best-in-class and applying them.
A process that involves comparing and examining an organization's processes and practices with other organizations that are considered top performers with the intention of improving performance. Benchmarks that are set may be internal (within one's organization), external (against another organization), or functional (against a similar function outside one's industry)
The process of comparing the quality of an organisation's goods, services or processes with that of its best performing competitors. p. 734
the act of comparing a performance metric to a benchmark or baseline Examples: EnergyStar for buildings, LEED energy credits Comments: Consistent and repeatable benchmarking requires clearly defined performance metrics and protocols for developing the reference case to serve as the baseline.
Peer group benchmarking puts performance measurements in context by comparing an institution (e.g., an MFI) with similar institutions based on a common factor, such as region, size or methodology. A benchmark can also refer to the standard against which all similar institutions are compared.
The search to find and implement good practice through comparing the performance of an organisation with that of others.
Establishing a point of reference from which measurements can be made. For example, this is a common technique in measuring and monitoring computer system performance.
A technique that involves comparing one's own processes to excellent examples of similar processes in other organizations or departments. Through benchmarking, rapid learning can occur, and processes can undergo dramatic improvements.
Compares that which is being measured to a benchmark such as best practices in the field, including professional or scientific standards.
The process of comparing one set of measurements of a process, product or service to those of another organization. The objective of benchmarking is to set appropriate reliability and quality metrics for your company based on metrics for similar processes in other companies.
The measurement and comparison with a standard or others of efforts and results in the business process for e.g. input, output, reliability, quality and customer satisfaction. Note: For P&O Nedlloyd it is the comparative search for the best practices (processes) that will lead to superior performance of the company. It must be seen as a positive and pro-active process to make the company's operations lean and improve quality and productivity.
Best business practices indicating superior performance. Benchmarks are adopted as targets for optimal organizational performance.
Benchmarking is measuring performance against that of best-in-class organizations, determining how the best in class achieve those performance levels, and using the information as the basis for goals, strategies, and implementation that must be undertaken to achieve a given objective.
Selecting representative jobs that enable standards to be developed and refined for making judgements about comparative worth.
A technique used to compare the products, services, processes and financials within an organization, in relation to “best of practice†in other similar organizations.
The process of comparing performance against the practices of other leading companies for the purpose of improving performance. Companies also benchmark internally by tracking and comparing current performance with past performance.
The process of comparing best practices to identify the gap between a company and its competition or other outstanding companies. Unlike competitive analysis, benchmarking is an inside-out approach to understanding other companies' performances.
The process of measuring the company's products, services, costs, and practices. Two types of benchmarking exist—competitive, a comparison against your industry best, and process, a comparison of a process to the best in class. See: competitive benchmarking, performance benchmarking, process benchmarking.
The continuous, systematic search for, and implementation of, better practices that lead to improved performance
The process of comparing performance against historical practices, or those of other leading companies, for the purpose of improving performance.
Comparing specific measures of performance against data on those measures in other "best practices" organizations.
An improvement process in which a company measures its performance against that of "best in class" companies, determines how those companies achieved their performance levels and uses the information to improve its own performance. A Benchmark is a best "best-in-class" achievement, a reference or measurement standard for comparison.
seeks to assess the competences of an organisation for best practice internally and/or externally against leading competitors to improve performance and efficiencies.