Benchmarking

Definition: Benchmarking is a systematic approach that allows a company to compare the performance of its organizational processes and activities to best practices. Dimensions typically measured are quality, time and cost.
B. models are useful to determine how well a business unit, division, organization or corporation is doing when it is compared to other similar organizations.

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More on performance management: Balanced Scorecard, Hawthorne Effect, Management by Objectives, Objectives and Key Results, Performance Management.

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