Statistical benchmarking
Okay kiddo, statistical benchmarking is kind of like comparing yourself to others to see how good you are at something.
Let's say you like playing soccer. If you want to know how good you are, you can compare your skills to those of other kids your age who play soccer too. This is what benchmarking is all about - comparing yourself to a group of people who do the same thing as you.
But how can we compare all these different kids with different skills? We can use stats or numbers to do this. For example, we can count how many goals each kid can score in a game of soccer, and then we can average these numbers to get an overall score for each kid.
This score is called a benchmark, and it can be used to see how good or bad each kid is compared to the others. If you score more goals than most of the kids, your benchmark will be higher than theirs, and that means you are better at playing soccer than they are.
Statistical benchmarking is really useful because it helps us understand how we are doing compared to others. It can also help us improve by showing us what we need to work on in order to get better. So, next time you play soccer or do anything else, try to compare your skills to others, and see how you can become better at what you do!
Let's say you like playing soccer. If you want to know how good you are, you can compare your skills to those of other kids your age who play soccer too. This is what benchmarking is all about - comparing yourself to a group of people who do the same thing as you.
But how can we compare all these different kids with different skills? We can use stats or numbers to do this. For example, we can count how many goals each kid can score in a game of soccer, and then we can average these numbers to get an overall score for each kid.
This score is called a benchmark, and it can be used to see how good or bad each kid is compared to the others. If you score more goals than most of the kids, your benchmark will be higher than theirs, and that means you are better at playing soccer than they are.
Statistical benchmarking is really useful because it helps us understand how we are doing compared to others. It can also help us improve by showing us what we need to work on in order to get better. So, next time you play soccer or do anything else, try to compare your skills to others, and see how you can become better at what you do!