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15. “Benchmarking is about comparing your firm’s performance against the best levels of performance in the...

15. “Benchmarking is about comparing your firm’s performance against the best levels of performance in the market and has nothing to do with variance analyses.” Do you agree?
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Answer #1

No, Benchmarking is not to do nothing with variance analysis. Benchmarking is to comparision of own process and performance with that other and take a corrective measure to implement the steps necessary to close the performance gap.

Benchmarking is an approach of setting goals and measuring productivity based on the best industry practices and is a process of continuous improvement in search for competitive advantage.

I hope this clear your doubt.

Feel free to comment if you still have any query or need something else. I'll help asap.

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