What is the difference between benchmarking using industry analysis compared to peer group analysis?

Some financial ratios for industry groups and readily available and so are preferential to peer group analysis.

The types of ratios computed for a peer group of firms is different than those for the industry.

All databases like Dun & Bradstreet and Standard & Poor that compute industry ratios and peer group ratios compute the

ratios differently.

Industry ratios are readily available publicly but peer group ratios need to be constructed by management based on

similarities including size and lines of business.