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Answer the following questions related to benchmarking: What is benchmarking? What is a best practice? What...

Answer the following questions related to benchmarking:

What is benchmarking?

What is a best practice?

What are the five items on which benchmarking is focused?

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Answer #1

1 :- Benchmarking is a process of measuring the performance of a company's products, services or processes against those of another business considered to be the best in the industry. The point of benchmarking is to identify internal opportunities for improvement . Benchmarking refers to testing the product or service against a reference point to quantify how much better or worse it is compared to others products.

2 :- Best practice benchmarking is a valuable exercise for businesses striving to improve their operational efficiency and effectiveness across the Enterprise. Best practices benchmarking can provide you with hard facts about how your operation rate and about where and how much you can improve.

3 :- the five items are on which benchmarking focused is:- a.Matric set., b.target setting,. c.process,roles and responsibilities, d. systems and tools,. e. Behavior.

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