Project Management - Benchmarking Essay Example | Topics and Well Written Essays - 3500 words

Project Management - Benchmarking - Essay Example Organisations therefore critically scrutinise the diverse systems within the organisation as measured against the industry leaders or yardstick to detect the performance gaps that impede their success through a benchmarking process. Subsequently, the identified shortcomings are revised with an aim of either matching the benchmarked organisations or surpassing them hence evolves exceptional strategies. This paper therefore seeks to explore the concept and working of benchmarking as an effective operational tool that can be used to evaluate and augment project management. The discussion will therefore centre on the significance and use of benchmarking as enhancement scheme in delivering project and business value. Benchmarking has being described as an enduring mutually beneficial search for, and application of significantly better practices that leads to superior vigorous performances. An efficient and enduring mechanism for organisations to determine areas they can enhance in view of their objectives, targets and existing approaches as well as functions (BEST, 2004: 5). It is thus the evaluation of both the performance of the organization’s systems and the how those systems function against the pertinent yardstick firms to gain useful tactics for growth (Reh, 2009). In project management, benchmarking identifies instruments, project administration, dexterity and individuals as the decisive segments to use as their benchmarks. The finest methods in vital, running, and closure of the projects are thus studied to match varying conditions. Attempts are then made to detect how it was conducted better (EIRMA, 1998). Benchmarking is therefore nowadays an entrenched tool for enhancing the performance of projects through vital assessment of decisive methods and contrasting these intensely against those who achieve better results. There are four types of benchmarking practices that are used to enhance project management and add business value but which can still