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RECORDS like these don't really tell an investor much unless they're compared with a relevant benchmark, said Russ Wermers, a finance professor at the University of Maryland.
Pre-/post-tests can evaluate student learning gains, but these gains need to be compared to a relevant benchmark to evaluate an intervention's educational impact.
Thus, use of surgeon-specific, experience-adjusted charts will permit the performance of young trainees to be accurately and equitably monitored relative to a relevant benchmark, removing the bias.
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To demonstrate the utility of this new orthotopic xenograft method for neuroblastoma and provide a clinically relevant benchmark for future preclinical studies, we tested a chemotherapeutic regimen that is similar to the current standard of care for induction chemotherapy for neuroblastoma in the xenograft model.
A total yearly return of -5% in which the relevant benchmark was down 8% actually showed a much better performance by the manager than a 5% return in a year where the appropriate benchmark returned 7%.
A mutual-fund manager looks good by outperforming his or her relevant "benchmark" -- for instance, the S&P 500.
To someone making a few million dollars a year, these very rich — rather than the median-earning American — are often the relevant benchmark.
"It raises the question of what is the relevant benchmark?" Mr. Marshall said.
Optimal contracting would lead you to expect a stock-option design that filtered out general rises in stock prices, so that bonuses were paid only for better-than-average performance against some relevant benchmark.
"The relevant benchmark is the percentage of children among all local children of secondary school age who are eligible for free school meals, not just those at state schools, and by that measure we're spot on," he said.
For each metric we select the relevant benchmark to test the appropriate feature.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com