Benchmarking is the comparison of current situation or operating practices to industry best practices from the other companies and regulatory standards. The Benchmarking is to measure performance using a specific indicator compared to others that defines the process of measuring products, services, and processes against those of organisations known to be leaders in one or more aspects of their operations. (Refer to The Best Practice)
Reference Definition by OECD: Benchmarking refers to the case where there are two sources of data for the same target variable, with different frequencies, and is concerned with correcting inconsistencies between the different estimates, e.g. quarterly and annual estimates of value-added from different sources.
Related Definitions in the Project: The Project Management
