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Benchmark (operations)
Operations benchmarks are measures of typical industry performance on specific operational dimensions. These are used to compare an individual refinery's operational performance against the rest of the industry to identify areas of strength and weakness.
Benchmarks are used on a wide variety of operational measures, including:
- Unit availability
- Operating costs
- Yield
- Factor inputs (energy, labor, catalyst, chemicals, etc)
Benchmarks are typically either average values for the whole industry or for quartiles reflecting best to worst performance groups.
Benchmarks are typically normalized for the size and complexity of the refinery to provide more meaningful comparison.
In refining, the industry standard set of benchmarks is compiled by Solomon Associates and is used widely across the industry, around the world.
