Benchmarking can be hazardous to your health, so be sure to take all necessary precautions. Accurately comparing costs between buildings is not as easy as it seems, and using averages can sometimes result in wrong decisions. And don’t get hung up about oranges.
You don’t want to compare apples to oranges for sure, but you also don’t want to compare a Golden Delicious with a Macintosh.
For any detailed benchmarking exercise, you need to assess each cost component and compare the subject property to the comparison properties then make adjustments to ensure an equal comparison. The similarity of properties is important, since many factors influence costs.
Of course the most important aspect of benchmarking is understanding why you are doing it and what you will use the informatoin for. That will dictate how your benchmarking exercise should be structured and managed for the best results.
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