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benchmarking

   Also found in: Medical, Legal, Financial, Acronyms, Encyclopedia, Wikipedia, Hutchinson 0.04 sec.
bench·mark  (bnchmärk)
n.
1. A standard by which something can be measured or judged: "Inflation . . . is a great distorter of seemingly fixed economic ideas and benchmarks" (Benjamin M. Friedman). See Synonyms at standard.
2. often bench mark A surveyor's mark made on a stationary object of previously determined position and elevation and used as a reference point in tidal observations and surveys.
tr.v. bench·marked, bench·mark·ing, bench·marks
To measure (a rival's product) according to specified standards in order to compare it with and improve one's own product.

[From the use of the mark as a place to insert an angle iron that serves as a support for a leveling rod.]
Translations
benchmarking [ˈbɛntʃmɑːrkɪŋ] (BUSINESS) nbenchmarking m, étalonnage m des performances
benchmarking
n (Econ) → Benchmarking nt


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Benchmarking has been widely used in the business world as well as in the private industry, where managers are looking for better ways to do business by using benchmarking as a management improvement tool.
With benchmarking one can define customer requirements, establish effective goals and objectives, develop true measures of productivity, improve competitiveness, and learn from industry best practices.
The benchmarking concept, a familiar one to most executives, keeps gaining converts.
 
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