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Benchmarking is the process of comparing the cost, cycle time, productivity or quality of a specific process or method to another that is widely considered to be an industry standard or best practice. Essentially, benchmarking provides a snapshot of the performance of your business and helps you understand where you are in relation to a particular standard. The result is often a business case for making changes in order to make improvements. The term benchmarking was first used by cobblers to measure ones feet for shoes. They would place the foot on a "bench" and mark to make the pattern for the shoes. Benchmarking is most used to measure performance using a specific indicator (cost per unit of measure, productivity per unit of measure, cycle time of x per unit of measure or defects per unit of measure) resulting in a metric of performance that is then compared to others.

Also referred to as "best practice benchmarking" or "process benchmarking", it is a process used in management and particularly strategic management, in which organizations evaluate various aspects of their processes in relation to best practice, usually within a peer group defined for the purposes of comparison. This then allows organizations to develop plans on how to make improvements or adopt best practice, usually with the aim of increasing some aspect of performance. Benchmarking may be a one-off event, but is often treated as a continuous process in which organizations continually seek to challenge their practices.

This is, if I remember correctly, outside the ”Museum für Glasmalerei & Kunsthandwerk – Wordspeicher” in Quedlinburg.

Buin, snunney, dareco, bukitgolfb301, UlfE, Vasa, Kielia, fanni, swiatopelk777 has marked this note useful

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Additional Photos by Gunnar Holmertz (saxo042) Gold Star Critiquer/Gold Star Workshop Editor/Gold Note Writer [C: 2111 W: 173 N: 2422] (15148)
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