The Essentials of Benchmarking Benchmarking takes many forms and has been associated with many processes. From our experience, the following are essential to successful benchmarking studies. In other words, measures of stakeholders' perceptions, resource allocations, or other performance measures that are critical to success. Most importantly, respected professionals from the field must be involved in the development of the content of the study. The statistical reliability and validity should far exceed the minimum standards recognized by academics for statistically sound studies.
Studies conducted by external organizations increase credibility.
Comparison with a small set of peers selected by participating institutions is essential for providing valid benchmarks for performance. Comparisons that only provide national standards or comparisons with predetermined groups do not provide the benchmarks necessary to most accurately evaluate performance. Based on the scope and breadth of the study, each benchmarking group must determine the importance of confidentiality. The criteria for establishing the levels of confidentially are based on the legality of sharing the information, the trust among the participants, the sensitivity of the data, and the ultimate use of the data once the results are distributed to the participants. Descriptive and prescriptive statistical analyses should be provided to identify statistical difference between means and factors that are most critical to overall satisfaction.