What is meant by benchmarking?

What is meant by benchmarking?
1. Why are system engineering evaluation and feedback important? Describe some of the benefits that can be realized through the implementation of such a capability. What is likely to occur should such a capability not be implemented?
2. What is meant by benchmarking? If you were assigned to develop and implement a benchmarking capability for your program (as program manager), what steps would you take in accomplishing this assignment?