Explanation:
"Benchmarking is the process of identifying, understanding and adapting outstanding practices from within the same organisation or from other businesses to help improve performance", (Cook, 1995:13).
Benchmarking is done by organization for various objectives which include comparing the organization with other organization whether in the same or different industry. It involves implementation of defined best practices, projecting what future will be like and preparing for such trends. It is also done to meet and exceed the customer expectations as well as improve products by comparing with other products.
Reference
https://cdn.ymaws.com/www.projectmanagement.org.za/resource/resmgr/conference_proceedings_2002/11.pdf
