-
Benchmark
A standard by which something may
be measured or judged.
-
Benchmarking
1. The act of measuring a process, service, or
product against the characteristics of the
recognized leaders in the given area of review.
2. A study, review, or process whereby a
procurement department identifies worldclass
entities with which to compare its
practices, policies, and performance
outcomes.
-
Benefit
The gain received from voluntary
exchange. (Schiller 2000)
-
Benefits
Non-financial forms of compensation
provided to employees, such as health
benefits, life insurance, pension benefits, paid
holidays, and vacation. (Business 2002)
-
Best and Final Offer (BAFO)
A process requested
from one proposer or short-listed proposers
for their best price(s) for a specific solicitation
prior to determining a contract award.
Sometimes used during the Request for
Proposals method of procurement. See also:
Discretion.
-
Best in Class
A standard of excellence given to
an entity or business unit that demonstrates
verifiable performance in a particular category
or business area.
-
Best Interest
An authorized, discretionary
decision made for the entity's most
advantageous outcome. See also: Discretion.
-
Best Practice
A set of guidelines accepted by a
peer group for an activity, procedure, or
operation shown by research and experience
to produce optimal results. These guidelines
are established or proposed as a standard
suitable for widespread adoption.
-
Best Value
1. A procurement method that emphasizes value
over price.
2. An assessment of the return that can be
achieved over the useful life of the item, e.g.,
the best combination of quality, service, time,
price. See also: Value.
-
Beta Test
Second phase of testing in a software
development process.