BENCHMARKING METHODOLOGIES

Step 1
Organize Benchmarking Team

It is important to involve staff professionals who have a deep understanding of the operating characteristics and technology of the industry being benchmarked so the team can select the most apropriate variables and indicators.

• Are there staff members with finance and accounting backgrounds to help construct financial statements and check the financial status of firms?
• Does the team include members with training in econometrics and statistics who have knowledge of conducting surveys, testing empirical models, and analyzing production processes?
• Are there professionals who understand the regulatory and organizational issues who can help interpret the results and develop policy implications?