Benchmarking is a popular method for developing requirements and setting goals. In more conventional terms, benchmarking can be defined as measuring your performance against that of best-in-class companies, determining how the best-in-class achieve those performance levels, and using the information as the basis for your own company’s targets, strategies, and implementation. Benchmarking involves research into the best practices at the industry, firm, or process level. Benchmarking goes beyond a determination of the “industry standard”; it breaks the firm’s activities down to process operations and looks for the best-in-class ...

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