What is Benchmarking?

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What is benchmarking / best practice benchmarking / process benchmarking?


Benchmarking is also acknowledged as Best Practice Benchmarking or Process Benchmarking. It is a method used in management and especially useful in strategic management. It is the process of comparing the business methods and performance metrics including cost, cycle time, productivity, or quality to another that is commonly understood to be an industry standard benchmark or best practice. It gives organizations…

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