Benchmarking
Benchmarking is a set of enterprise efforts undertaken in order to identify best practices and exploit their implementation within the benchmarking enterprise.
Definitions
According to Financial Management Theory and Practice by Eugene F. Brigham and Michael C. Ehrhardt (13th edition),
- Benchmarking. When a firm compares its ratios to other leading companies in the same industry.
According to Fundamentals of Financial Management by Eugene F. Brigham and Joel F. Houston (15th edition),
- Benchmarking. The process of comparing a particular company with a subset of top competitors in its industry.
According to Management by Robbins and Coulter (14th edition),
- Benchmarking. The search for the best practices among competitors or noncompetitors that lead to their superior performance.
According to Managing Quality by Foster (6th edition),
- Benchmarking. The process of finding a company that is superior in a particular area, studying what it does, and gathering ideas for improving one's own operation in that area.
According to Juran's Quality Handbook by Defeo (7th edition),
- Benchmarking. A recent label for the concept of setting goals based on knowing what has been achieved by others. It identifies the best in class and the methods behind it that make it best.
According to the BABOK Guide (3rd edition),
- Benchmarking. A comparison of a decision, process, service, or system's cost, time, quality, or other metrics to those of leading peers to identify opportunities for improvement.
Related concepts
- Financial management. A combination of enterprise efforts undertaken in order to procure and utilize monetary resources of the enterprise.
