benchmark

Vocabulary Word

Definition

A 'benchmark' is a standard you use to evaluate something's quality or performance. Think of it as the model answer key your teachers use to grade your exams, it helps to know if something is up to the mark.

Examples in Different Contexts

In social impact initiatives, benchmarks are crucial for measuring progress. A consultant might suggest, 'Let's establish clear benchmarks to track our project’s impact over time.'

Practice Scenarios

Business

Scenario:

We need to take a closer look at our performance this quarter. Our competitors are gaining a significant advantage.

Response:

Our fiscal performance seems unsustainable at this rate. We need to hit the benchmark soon to stay competitive.

Academics

Scenario:

The current average grade in our course is lower than expected. We need to discuss how we can improve.

Response:

We could introduce study groups and extra tutoring sessions. This might help students reach the benchmark.