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Benchmarks
(Benchmark)
The term “benchmarks”
refers to processes
and results that represent best practices and
performance
for similar activities, inside or outside an organization’s
industry. Organizations engage in
benchmarking to understand the current dimensions of
world-class
performance
and to achieve discontinuous (non-incremental) or
“breakthrough” improvement. Benchmarks are one form of comparative data. Other comparative data organizations might use include industry data collected by a third party (frequently industry averages), data on competitors’ performance, and comparisons with similar organizations that are in the same geographic area or that provide similar products and services in other geographic areas. |
Note: Blue words above are hyperlinks to other Integrated Glossary terms.
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