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 that mainly focus on the aspects of time, cost and quality.

This article will firstly delve into the different types of benchmarking either in the internal or the external environment of the company. Then, an analysis of the trend of using benchmarking in project management will be held, reviewing various papers on this topic. Finally, there will be an identification of assorted challenges that arise from this.