Nobody downloaded yet

Benchmarking - Book Report/Review Example

Comments (0) Cite this document
Summary
Benchmarking Sustainability [Author] [Institution] Table of contents: 1. Introduction 2. Sustainability in the process of benchmarking 3. Benchmarking sustainability for different business types 4. Application of benchmarking sustainable practices 5. Problems with benchmarking 6…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER93.1% of users find it useful
Benchmarking
Read TextPreview

Extract of sample "Benchmarking"

Download file to see previous pages Benchmarking is used to compare the processes of one business to the best of the industry or to the best practices from other industries. There may be many dimensions that are measured such as quality, cost and time as per the performance of the business. In the business world, this process of benchmarking is used as a tool to improve and compete with the other better business practices. The management of the business uses the results of comparing their practices with others, and then they evaluate their performance, and how they are achieving their targets to be successful than the others. Performance can be measured in benchmarking using indicators which measure cost per unit, productivity per unit of measure, defects per unit of measure and these results in a performance metrics which is used to compare to the others. Mostly this process of benchmarking is used in strategic management. It helps the organizations to evaluate their process in comparison to the other companies with best practices. It allows the organizations to plan their goals and targets to make improvements and enhance their own practices to increase business performance. Benchmarking is seen as an important process as it continually allows organizations to improvise and enhance their practices. Sustainability in the process of benchmarking: The term sustainability is used in many contexts generally, but when we talk about sustainability in the process of benchmarking, it refers to the sustainable practices which improve business performance. Sustainability allows businesses to carry out practices and strategies in a way that are long lasting and do not have a negative impact in the long term future of the business. There are many decisions and strategies that the business uses up at different stages of its growth, yet there are some important and constant strategies on which each and every practice is based. Once the business starts operating, it has some strategies which are continually being followed by all the members and it soon becomes the organization culture, in accordance to which every decision is made. However, there are some decisions and goals that are temporary or for a short term only such as for a specific project, or in businesses where the nature of work changes according to the projects given. Such decisions are not counted in the measurement of sustainability nor are they important in benchmarking. A sustainable decision or target is that which is long term and influences the performance outcomes of the business. A business will be termed as sustainable when it applies practices that have a positive impact on the environment, its chain practices and the strategic development. A sustainable business is the one which can rely on its practices to overcome any problems occurring in the future (Moore, 2008, p. 37). Benchmarking sustainability thus, refers to the processes of the business set out by the management of the business in order to make sure they are better than the other businesses in the industry. Benchmarking sustainability is to ensure decisions, actions, plans and strategies that asses the improvement of the business in comparison to others. It talks about the competitive strategies and decisions taken after the process of benchmarking to improve the level of practices in the businesses. Sustainable benchmarking is achieved when the business is able to maintain the competitive strategy in their long term future and is in a position that it ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Benchmarking Book Report/Review Example | Topics and Well Written Essays - 3500 words”, n.d.)
Benchmarking Book Report/Review Example | Topics and Well Written Essays - 3500 words. Retrieved from https://studentshare.org/management/1403758-benchmarking
(Benchmarking Book Report/Review Example | Topics and Well Written Essays - 3500 Words)
Benchmarking Book Report/Review Example | Topics and Well Written Essays - 3500 Words. https://studentshare.org/management/1403758-benchmarking.
“Benchmarking Book Report/Review Example | Topics and Well Written Essays - 3500 Words”, n.d. https://studentshare.org/management/1403758-benchmarking.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Benchmarking

Benchmarking

...? Benchmarking Contents Benchmarking Contents 2 Part 3 Part 2: Case Study 8 Xerox 8 Hewlett- Packard 10 General Motors 11 Conclusion 13 Reference15 Part 1 Discuss whether, if overestimation of performance is common, management attempts to introduce benchmarking procedures are likely to meet with employee resistance? Benchmarking is termed as an improvement process which is mainly used to discover as well as incorporate the best practices in operation. It is the most preferred process which understands and identifies the elements of world class performance in work process (Damelio, 1995, p.1). There are four processes in benchmarking which includes...
14 Pages(3500 words)Assignment

Benchmarking report

...? Benchmarking Report Table of Contents 0 Introduction 3 2.0 Scope and Nature of the Research 3 3.0 Performance and Gaps 4 4.0 Goals and Targets 6 5.0 Recommendations 7 6.0 Conclusion 7 Reference List 8 Appendix 9 1.0 Introduction Organizations often manage their opportunities, obligations, financial risks, social and environmental risks through a process known as business sustainability (Irani, 2011). All business organizations are required to adhere to the principles of sustainable development in order to achieve environmental, economic and social sustainability (Khondker, 2004). The main objective of this research is to understand Auburn city’s strategic and sustainability objectives in comparison to Moreland and Conroe cities... . In...
5 Pages(1250 words)Assignment

Benchmarking

...Appendices 2: 25 Appendices 3: 26 Introduction This report uses all the benchmarking techniques in order to compare the two companies that belong to the same industry, almost have same market environment and target customers. The objective of this report is to highlight the methods that could give an exact idea of the performance of the companies and how well they use their resources. This report doesn’t consider just one perspective for the judgment of the company. Its discussion is on the basis of both the financial and non-financial factors of the company. Besides these market perception and working environment with the potential of and for the workforce have been discussed.in order to gain the complete perspective of...
20 Pages(5000 words)Essay

Benchmarking

..."Benchmarking " and Section # of "Benchmarking" The following pages include the meaning and analysis of Benchmarking, the Process of benchmarking. Background of the Billing department Canon Hong Kong and the company portfolio. Main Body of the Report: Introduction: The subject of the report is Benchmarking .Wherein Internal Benchmarking and External Benchmarking will specifically be discussed. Furthermore, the purpose of the report on the following pages will be twofold: 1) Answering the question, if benchmarking is intended to set world class standards for organizations to aspire to. 2) Discussing...
14 Pages(3500 words)Essay

Benchmarking

...Benchmarking: Gene One vs. Affymetrix Executive Summary: GeneOne Biotech Company is planning to go public in three years time. Its current revenues are at $400 million, and it projects a growth rate of 40 percent annually, which would make the net company worth at least $800 million. The Company is phasing in its IPO offering in order to attract the best investors and take advantage of the encouraging climate for biotech companies. In comparison with Affymetrix, Affymetrix: Company Profile: The Company is in the field of DNA chip technology and its major product is its GeneChip system and microarray technologies. The Company was an offshoot of Affymax and was formed in 1993, raising funds from two private placements, the...
3 Pages(750 words)Essay

Benchmarking

...Benchmarking A major portion of the cost of products is the cost of the raw materials or components with which the product is assembled or manufactured. Therefore purchase can be said to be the vital input on which an organization’s profitability depends. Purchasing is important whenever the organization concerned spends a significant proportion of its income on purchasing goods and services to allow it to do business. (Farmer 1997). Benchmarking is the tool that is used to advance the practice of purchasing from ordinary to exceptional. It is used to set targets that are required to be ultimately achieved by the purchaser. It is useful in assessing the company’s strength or weakness in the purchase process vis-à-vis the suppliers... and...
8 Pages(2000 words)Essay

Alternative Benchmarking

...Part I The business world in the 21st century has become an extremely competitive environment in which corporation seeks alternative arrangements to join forces with other players to ensure it’s current and long term survival. Some of the options available for the two companies to interchange resources are joint ventures, strategic alliances, hostile takeover, minority ownership, partnerships and exporting. The Lester Electronics scenario demonstrates a case in which many players are negotiating and evaluating different alternatives to buy equity sell equity or join forces with another player in the industry. Lester Electronics had an exclusivity agreement to purchase its electronic supplies from Shangwa – Electronics... I The business world ...
2 Pages(500 words)Essay

Benchmarking

...Running Head: Bench marking Topic:  Benchmarking School Introduction Benchmarking, according to Andersen and Pettersen (1996), is a common process through which organizations measure particular aspects of performance against established group norms, previous performance or future performance. Such comparisons are often made to generate reports. The resulting information in the reports can then be used by both statisticians and decision makers to understand the facts pertaining to a particular business issue of interest. One common use of analyzed data in comparing business performance can be seen in the use of different kinds of statistical data... schools...
1 Pages(250 words)Assignment

Why i choose nursing as a career

2 Pages(500 words)Admission/Application Essay

Benchmarking

...Benchmarking Introduction Benchmarking is a tool widely used in the business world. Companies use this form of management as a point of reference. Benchmarking is a tool that companies use to compare its operation to other operation (Watson, 2007). The benchmarks are set standards that are higher with which companies use as yard sticks in determing their performances. It is additionally a way businesses evaluates the healthiness of their processes and business. Basically benchmarking involves the process of studying the general industry and the competitive practices. It is used as a way of gauging a company’s success and pin pointing the company’s...
2 Pages(500 words)Essay
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Book Report/Review on topic Benchmarking for FREE!

Contact Us