Benchmarking

A structured practice of comparing your actual or planned products, processes, and methods with those of similar organizations to uncover leading practices, spark improvement ideas, and establish objective measures of performance.

Key Points

  • Looks outward to comparable peers or industry leaders to gauge performance and practices.
  • Can be internal, competitive, or functional/industry-wide in scope.
  • Helps set realistic targets, KPIs, and supports continuous improvement initiatives.
  • Requires careful selection of relevant comparators and normalization to avoid apples-to-oranges comparisons.

Example

A PM analyzes change request cycle time and defect escape rate against published metrics from similar organizations. The team adopts identified best practices and sets a target to reduce cycle time by 25% over the next two releases.

PMP Example Question

A project manager studies how similar organizations manage schedule variance and resource utilization to set realistic targets for her project. Which technique is she using?

  1. Benchmarking
  2. Variance analysis
  3. Parametric estimating
  4. Sensitivity analysis

Correct Answer: A — Benchmarking

Explanation: Benchmarking compares products, processes, and practices to those of comparable organizations to identify best practices and set performance measures.

How To Land the Job and Interview for Project Managers Course

Take the next big step in your project management career with HK School of Management. Whether you're breaking into the field or aiming for your dream job, this course gives you the tools to stand out, impress in interviews, and secure the role you deserve.

This isn’t just another job-hunting guide—it’s a tailored roadmap for project managers. You’ll craft winning resumes, tackle tough interview questions, and plan your first 90 days with confidence. Our hands-on approach includes real-world examples, AI-powered resume hacks, and interactive exercises to sharpen your skills.

You'll navigate the hiring process like a pro, with expert insights on personal branding, salary negotiation, and career growth strategies. Plus, downloadable templates and step-by-step guidance ensure you're always prepared.

Learn from seasoned professionals and join a community of ambitious project managers. Ready to land your ideal job and thrive in your career? Enroll now and take control of your future!



Launch your career!

HK School of Management delivers top-tier training in Project Management, Job Search Strategies, and Career Growth. For the price of a lunch, you’ll gain expert insights into landing your dream PM role, mastering interviews, and negotiating like a pro. With a 30-day money-back guarantee, there’s zero risk—just a clear path to success!

Learn More