What does it mean when someone says benchmark?

What does it mean when someone says benchmark?

a standard of excellence, achievement, etc., against which similar things must be measured or judged: The new hotel is a benchmark in opulence and comfort. any standard or reference by which others can be measured or judged: The current price for crude oil may become the benchmark.

How do you use the word benchmark?

1 The valuation becomes a benchmark against which to judge other prices. 2 Her outstanding performances set a new benchmark for singers throughout the world. 3 The truck industry is a benchmark for the economy. 4 Tests at the age of seven provide a benchmark against which the child's progress at school can be measured.

Where is benchmarking used?

Competitive benchmarking is used when a company wants to evaluate its position within its industry. In addition, competitive benchmarking is used when a company needs to identify industry leadership performance targets. Strategic benchmarking is used when identifying and analyzing world-class performance.