Definition: is a set of standards and measures that are implemented in order to estimate and evaluate a business’s performance in a specific area, activity, or process. In other words, benchmark measures are the actions taken to see how effectively a business is moving towards its objectives in certain areas and to suggest a further strategy for the performance improvement. Benchmark measures may be applied at various organizational levels and at any operational level and stage. Benchmark measures can be used for numerous reasons. For instance, they may help predict the possible future problems that are linked to a certain project. They can also help define the level of customers’ satisfaction. Benchmark measures also serve to develop strategies concerning separate projects, processes, and operational phases.
In a Sentence:
Benchmark measures should not be underestimated. They are a necessity if we want to evaluate our progress on every level.
At the beginning of the project development, implementing benchmark measures will allow us to determine potential issues we might face in the future.
If you need to make sure that you are guiding your project in the right direction, it is best to apply the benchmark measures during the project execution.
Synonyms and related words: benchmark, benchmarking, benchmark rate, benchmark data