Benchmarking in Project Management

As a business term, Benchmarking is the series of actions in order to compare one's business distinct processes, practices or procedures, to other businesses that perform similar activities and have a leading role in the world market. Benchmarking is mainly used so that the company gains valuable information in pursuance of improving its performance and, as a natural outcome, to increase its competitiveness. Usually, there are different indicators that companies use to assess their performance during the process of benchmarking.

This article will delve into the different types of benchmarking, analyze the trend of using benchmarking in project management and identify the challenges that arise from this.