How can benchmarking assist in improving cost management practices?
- By comparing project performance with industry standards
- By ignoring industry standards and focusing on internal data
- By inflating project costs to exceed industry standards
- By minimizing communication with other organizations
Benchmarking involves comparing project performance, processes, and costs with industry standards or best practices. It helps identify areas for improvement, adopt best practices, and optimize cost management processes, leading to increased efficiency and competitiveness.
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