It's where one does it prior to taking the now set-up valve into the field and installing it.
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From the people who know, Fisher's Control Valve Handbook, 3rd Edition:
Bench Set: The calibration of the actuator spring range of a control valve to account for the in-service process forces.
Inherent Diaphragm Pressure Range:
The high and low values of pressure applied to the diaphragm to produce rated valve plug travel with atmospheric pressure in the valve body. This range is often referred to as a bench set range because it will be the range over which the valve will stroke when it is set on the work bench.
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