Benchmarking Flashcards
What is the objective of benchmarking?
the objective of benchmarking is to understand and evaluate the current position of a business or organization in relation to best practice and to identify weaknesses and means of performance improvements.
What’s the first step of benchmarking?
To understand in detail existing business processes.
What’s the second step of benchmarking?
To analyse the business processes of others.
What’s the third step of benchmarking?
To compare own business with the performance of others.
What’s the last step of benchmarking?
To implement steps necessary to close performance gaps.
What is strategic benchmarking?
Long-term strategies and general approaches that have enabled high performances to succeed.
What is performance benchmarking?
where businesses consider their positions in relation to performance characteristics of key products and services.
