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Home Managerial/Management/Cost Accounting Terms and Definitions Benchmarking Definition

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Benchmarking Definition:

Benchmarking is the study of organizations that are among the best in the world at performing a particular task.

The idea is to study and analyze the reasons of the success of the most successful organizations in a particular field all over the world and then to set a benchmark to follow them. Next to take steps to meet or exceed the benchmark already set.

The final step is to check weather benchmark has been achieved or not. If not, find the reason and try to correct.

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