benchmarking

  

Definition

A measurement of the quality of an organization's policies, products, programs, strategies, etc., and their comparison with standard measurements, or similar measurements of its peers.

The objectives of benchmarking are (1) to determine what and where improvements are called for, (2) to analyze how other organizations achieve their high performance levels, and (3) to use this information to improve performance.


Use benchmarking in a sentence

  • What I like to do is not reinvent the wheel. I prefer to rip and iterate or engage in benchmarking.

    21 people found this helpful
  • Sometimes companies will use benchmarking to set their new standards of excellence that all future models must live up to.

    19 people found this helpful
Show more usage examples...



http://www.businessdictionary.com/definition/benchmarking.html

Browse by Letter: # A B C D E F G H I J K L M N O P Q R S T U V W X Y Z