Benchmarking is the process of comparing the current project, methods, or processes with the best practices and using the information to drive improvement of overall company performance, with other projects, within the organization and outside the organization. The standard for comparison may be competitors within the industry, but is often found in unrelated business segments. Dr. Deming was not very enthused about benchmarking efforts, because if a company only copies processes without knowledge, they will err. So, a company should seek a true understanding of the process that will be…
