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Benchmarking is the exhibit of comparing the business concern processes and murder metrics including cost, roll time, productivity, or quality to another that is widely considered to be an manufacturing standard benchmark or best practice; it involves circumspection identifying the best firms in the industry and thus comparing the performance standards including quality-of these business with those of their own business. Essentially, benchmarking provides a snapshot of the performance of your business and helps you understand where you are in tattle to a special(prenominal) standard. The result is often a business case and importunate Platform for making changes to trace improvements. The term benchmarking was first utilise by cobblers to measure peoples feet for shoes. They would place someones tail end on a bench and mark it out to show the pattern for the shoes. Benchmarking is most used to measure performance utilize a specific indicator (cost per whole of measure, productivity per unit of measure, cycle time of x per unit of measure or defects per unit of measure) resulting in a metric of performance that is then compared to others.

Also referred to as best practice benchmarking or process benchmarking, it is a process used in management and in particular strategic management, in which organizations evaluate various aspects of their processes in relation to best practice companies processes, usually within a couple group defined for the purposes of comparison. This then allows organizations to develop plans on how to make improvements or adapt specific best practices, usually with the forecast of increasing some aspect of performance. Benchmarking may be a one-off event, but is often treated as a consecutive process in which organizations continually seek to improve their practices. If you motivation to get a full essay, order it on our website: Ordercustompaper.com

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