Benchmarking

Part of speech: noun, verb

Pronunciation: /ˈbɛnt͡ʃmɑɹk/

Definitions

1. The practice of evaluating and comparing performance metrics against established standards for improvement purposes
2. A method used to assess and gauge the effectiveness of products or services by referencing key performance indicators
3. The process of systematically measuring and comparing performance against set standards to identify areas for enhancement

Etymology: Surveyors gave "benchmark" its first literal sense. In the 19th century, a benchmark was a mark cut into a stone or other fixed object to hold a measuring instrument, with the "bench" referring to a kind of bracket or ledge on which equipment was mounted. The mark gave a fixed reference point, so that later measurements could be taken from exactly the same spot. The figurative sense followed around 1884, when the word began to mean any standard or reference point against which other things are judged. That is the root of the modern verb, which describes comparing something against an established standard. "Benchmarking" is simply the form of that verb used as a noun and in continuous tenses, so its story is the same as the word's.

Synonyms: evaluation, assessment, comparison, standardization, measurement