6.3. Researching Appropriate Benchmarks

Webster defines Benchmark as "a point of reference from which measurements may be made; something that serves as a standard by which others may be measured.''

Benchmarks, in the business world, are results achieved by enterprises, companies, corporations, etc., and are held up as standards for that particular application, function, etc. The use of the term "Benchmark'' in industry means that benchmarks are the highest value achieved for that particular function in that particular business area. Therefore, that Benchmark is (or should be) a goal for others in the same business area to achieve. Reviewing benchmarks is akin to employing the old adage of "not reinventing the wheel.'' If another company in your ...

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