A benchmark is a reference point against which things may be assessed or compared. In the business environment, ‘benchmarking’ typically refers to the process of realistically comparing products, processes and other performance parameters to best practice elsewhere. This may be a comparison with a specific competitor, the entire industry, or broad-based global best practice covering a wide range of sectors. The aim is to learn from others and compete more effectively by introducing better products and processes. The term ‘benchmarking’ is also used in other sectors, among them computing and quantity surveying.

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