The selection of benchmarking partners for value management : an analytic approach

Abstract

Learning from the best in class organisations provides the necessary guarantee for success in benchmarking. However, the selection of ideal benchmarking partners is a complex, time-consuming and multi-faceted decision-making process. This paper presents a selection model for the selection of Value Management (VM) benchmarking partners based on the principle of analytical hierarchy process (AHP). It is a key step in a research project aiming to develop a successful framework for implementing value management (VM) in China's construction industry. The application of Expert Choice software makes the building of comparison matrix. the calculation of consistency ratio and the determination of weighting more effective and accurate. The output of a benchmarking study suggests n selection model that is reliable and principles which can be used in other benchmarking activities.