Benchmarking requires an understanding of what is important to the organization (sometimes called critical success factors) and then measuring performance for these factors. The gap between actual performance and preferred achievement is typically analyzed to identify opportunities for improvement.
Benchmarking against your historical metrics helps you understand if changes you made had an impact, and benchmarking against your peers helps you understand where you need to make those changes.
Performance benchmarking involves systematically measuring and comparing your business performance to that of other businesses, often in the same industry or sector.
Performance benchmarking is the process of measuring and analyzing an organization's performance of products, services, operations, and other business processes against other companies, competitors, or industry leaders. It helps businesses identify and understand areas for improvement.
Performance measures should be applied through a structured benchmarking process. Cost-effective, value-added benchmarking can be implemented through
The most common metrics for benchmarking include cost per unit, time to produce, product/service quality, effectiveness, time to market, customer satisfaction and loyalty, brand recognition.
A drilling rig is used to create a borehole or well in the earth's sub-surface, for example in order to extract natural resources such as gas or oil.
During such drilling, data is acquired from the drilling rig sensors for a range of purposes such as: decision-support to monitor and manage the smooth operation of drilling; to make detailed records of the geologic formations penetrated by a borehole; to generate operations statistics and performance benchmarks such that improvements can be identified, and to provide well planners with accurate historical operations-performance data with which to perform statistical risk analysis for future well operations.
The terms measurement while drilling (MWD), and logging while drilling (LWD) are not used consistently throughout the industry.
Although these terms are related, within the context of this section, the term measurement while drilling refers to directional-drilling measurements, e.g., for decision support for the wellbore path, while LWD refers to measurements concerning the geological formations penetrated while drilling.
A drilling rig is used to create a borehole or well in the earth's sub-surface, for example in order to extract natural resources such as gas or oil.
During such drilling, data is acquired from the drilling rig sensors for a range of purposes such as: decision-support to monitor and manage the smooth operation of drilling; to make detailed records of the geologic formations penetrated by a borehole; to generate operations statistics and performance benchmarks such that improvements can be identified, and to provide well planners with accurate historical operations-performance data with which to perform statistical risk analysis for future well operations.
The terms measurement while drilling (MWD), and logging while drilling (LWD) are not used consistently throughout the industry.
Although these terms are related, within the context of this section, the term measurement while drilling refers to directional-drilling measurements, e.g., for decision support for the wellbore path, while LWD refers to measurements concerning the geological formations penetrated while drilling.
