What role do benchmarks play in project management?

Benchmarks in project management refer to established standards or points of reference that can be used to measure progress and performance. They create measurable goals, enabling project managers and their teams to evaluate their activities against these predefined standards. By setting benchmarks, projects can ensure that objectives are clear and quantifiable, which motivates team members and provides a target to aim for. This process not only helps in tracking progress over time but also assists in identifying areas that may require improvement or adjustment to stay on course.

Using benchmarks as a framework for measurable goals fosters accountability and encourages teams to work toward achievable outcomes. When goals are measurable, it becomes easier to assess performance and make informed decisions throughout the lifecycle of the project.