Determine whether a company is performing particular value chain activities efficiently
Understand the best practices in performing an activity
Assess if costs are in line with competitors
Learn how lower costs are achieved
Take action to improve cost competitiveness.
comparing a company standard e.g financial status against the other company that deals in the same business
objective of merchant banking
Any objective that is market based is strategic objective. Any objective that can be derived from financial statements is financial objective.
what is the difference betwen objective and plan
The organisation is monitored and yearly graded statistically by central government (DFE) Also by Benchmarking data which are submitted to NCOGS and the DFE yearly.
benchmarking
A benchmark is the result of benchmarking.
benchmarking is aprocess of acquring benchmark
Global Benchmarking Network was created in 1994.
historic, internal and external benchmarking
Benchmarking is the process of comparing your procedures with those of other organizations that are considered to be leaders (or benchmarks) in those particular areas. Benchmarking has this meaning through the business world, not just in fire and safety. The purpose of benchmarking is to improve the way your organization does things.
for eg: for a product required by a customer, the benchmarking will be done by the customer. it means the product is of good quality which the customer was expecting. Benchmarking means the product has relative performance which is expected.
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Benchmarking
Organizations and companies use benchmarking to determine where inputs, processes, outputs, systems, and functions are significantly different from those of competitors or others.
anil kumar saxena ( tau)
Arthur G. Tweet has written: 'The guide to benchmarking in healthcare' -- subject(s): Health services administration, Benchmarking (Management)