benchmarking


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Benchmark

A standard against which a security's performance is compared. A benchmark is usually an index of securities of the same or similar class. Stocks are usually compared against stocks; bonds against bonds, etc. Another type of benchmark considers securities according to industry: a telecommunications stock may be compared to other telecommunications stocks. Likewise, mid-cap securities may be benchmarked against other mid-cap securities. Some indices, such as the Dow Jones Industrial Average and the S&P 500, are considered to be benchmarks for the wider economy.

benchmarking

the practice whereby a firm studies the ‘best’ PRODUCTION and MARKETING processes used by immediate competitors and firms from other similar industries so as to identify possible ways for the firm to improve its own methods. Benchmarking usually involves a number of steps: selection of critical processes that may need improvement; in depth study of other firms who perform these processes particularly well; adaptations of the processes identified so as to facilitate their implementation by the firm.

benchmarking

the process of measuring aspects of a firm's performance and comparing this measured performance with that of other firms. Benchmarking can help a firm to discover where its performance is deficient and can suggest means of improving competitive performance.
References in periodicals archive ?
HILL: Benchmarking is comparing certain paper machine operations to what would be considered top industry standards.
Benchmarking did not cause our surgeons to have some sentimental change of heart or suddenly infuse them with a new spirit of concern for the institutional financial picture.
Operational Benchmarking - deals with competitive costs such as raw materials, labor, overhead and productivity.
One of the questions that my clients ask me frequently is, "What's a good benchmarking period?
TPI's new guidelines clarify and revise positions on the role of formal Benchmarking as one of the price control tools in outsourcing contracts and will help to determine where it is appropriate.
Along with benchmarking initiatives the organization added a series of Best Practices Surveys in spring 2006 to provide more targeted forms of insights on key, current and emerging trends in business and technology.
Now, for the first time, ValuSource CDs offer explicit instructions and a step-by-step framework to help those new to medical practice benchmarking to enhance performance and profitability.
CompTIA European ServiceMetric Benchmark - Service satisfaction measurement and benchmarking for computing hardware manufacturers and service providers in European region.
APQC, originator of the Malcolm Baldrige standards and award for process excellence, is a globally recognized authority on benchmarking and process standards.
The Hackett Group, a business advisory firm, is a world leader in best practices research and process benchmarking, helping executives achieve world-class performance through continuous improvement initiatives.