Benchmark

{
  "id": "MLC-T-ECS-000159",
  "term": "Benchmark",
  "field": "Economic statistics",
  "definition": "Comparison of estimates obtained from a sample with the measure of the full population at a specific point in time.\n\nNote: Benchmarking is a standard part of the estimation process and provides a point of reference by which the estimates can be compared. Benchmarking is needed because surveys are subject to sampling error. Some surveys are able to benchmark their estimates to censuses or other, more comprehensive, sets of data than the samples themselves.",
  "references": [
    "BLS Glossary"
  ],
  "url": "https://mlchart.com/terminology/economic-statistics/benchmark/"
}