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Planning for goals and benchmarking

You are the chief executive officer (CEO) of a fortune 500 company. As the CEO, you are responsible for establishing benchmarks or performance goals for your organization. As an outstanding CEO, you decide to seek feedback from your top senior managers as to which method to use to establish the upcoming year's goals. Steve who is your financial executive officer (CFO) suggested that the upcoming year's goals should be established on the basis of recent results and trends. Michael who is your chief controlling officer (CCO) suggested that the best method to establish the upcoming year's goal is on the basis of this year's goal. And lastly, Janet who is your chief operations officer (COO) suggested that the best method for establishing the upcoming year's goals should be made on the basis of the competition. You thanked your executive team and informed them that you would take their suggestions into consideration when establishing the upcoming year's goals.
Now, it is your responsibility to decide which method to use to establish the performance goals for your organization. Outline your thought process when deciding which benchmarking or performance goal method to use when establishing your organization's upcoming year's goals.

Do extensive research on all three benchmarking methods and did additional research on at least one additional benchmarking method.
Compare and contrast the strengths and weaknesses of all of the benchmarking methods.
Choose one of the benchmarking methods and supported such a decision on the basis of research and your own analysis of all of the benchmarking methods.

Solution Preview

Using any of these three would be acceptable, and using all of them would also be correct. To base any future goals on past goals, is a well known method of planning. It allows the company to build on the previous goals, providing a continuity. Usually these goals are based on the vision and goals needed to meet the needs of the employees, the company, and the shareholders. Past goals provide a starting point for where the company wanted to go and how far it came in meeting those goals.
Choosing to use recent trends and sales works to establish a baseline for where to start. Improving on these figures, making use of these trends, help to clarify what works and what does not work. Trends take into consideration the entire industry and market and can show a leader where there is strength in the ...

Solution Summary

A review of the best of the three suggested methods for creating goals and benchmarking (or planning) for the upcoming year.

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