What is Benchmarking?

Assume you’re attempting to make the finest cake ever, but you’re unsure of how wonderful it should be. Benchmarking is similar to peering at the recipes of other excellent bakers to see what they do differently and how their cakes turn out. In project management, it is important to compare how your project is going to others that are deemed extremely successful. It helps you figure out where you are, what you can improve on, and what measures you can do to make your project as fantastic as the ones you’re learning from. Benchmarking, like comparing different cake recipes to make your cake the best it can be, helps you make your project the best it can be by learning from the finest out there.