Although benchmarking is the continual process of comparing your operations with best practices or another company's performance, there are limitations to comparing financial statements with like companies such as: external reports are less detailed than
Do you think benchmarking is just another fad , or is it really useful for all firms? Why, or why not? I think that benchmarking is a useful tool for most, if not all firms.
137327 Quality Improvement Strategy Quality Improvement Strategy When recommending a quality improvement strategy, how do you present the recommendations and what data and tools do you use during the presentation?
The solution discusses why is it important for a company to have sales goals.
What are the differences between financial and managerial accounting? Why does financial accounting have to comply with GAAP but managerial does not?
It is more of a current analysis of operations, and assigning of costs. It is usually important for the purpose of analyzing operations to try to do it better.
partners Reference: http://www.qualityamerica.com/knowledgecente/articles/cqm5_A6.html This solution describes the benchmarking process, the advantages and disadvantages of benchmarking and when and why a firm should employ this process.
Customers care mainly about how the product performs, what need it satisfies and if the product does what it claims it will do and all of these elements are associated with quality.
It helps maintain external equity because external data is used for setting goals through the benchmarking process. The achievement of these goals also helps attain external equity.
This in-depth solution defines and explains the concept of benchmarking and provides examples of common benchmarking tools used by companies. It uses real-life examples and step-by-step explanation for carrying out the benchmarking process.
Benchmarking is the basis for change. It is about learning.