Question

1. Using the steps in Benchmarking (see below), perform an internal and competitive benchmarking of section/department and Company.

The 10 Steps of Benchmarking

1. Determine processes to be benchmarked.

2. Determine organizations to be benchmarked.

3. Gather data.

4. Locate deficiencies.

5. Determine future trends.

6. Reveal results and sell the process.

7. Achieve consensus on revised goals.

8. Establish procedures.

9. Implement procedures and monitor results.

10. Recalibrate benchmarks.

Answer 1

1. Benchmarking is a process used to measure the quality and performance of your company’s products, services, and processes. These measurements don’t have much value on their own—that data needs to be compared against some sort of standard. A benchmark.

The objective of benchmarking is to use the data gathered in your benchmarking process to identify areas where improvements can be made by:

A) Determining how and where other companies are achieving higher performance levels than your company has been able to achieve.

b) comparing the competition’s processes and strategies against your own.

c) Using the information you gather from your analyses and comparisons to implement changes that will improve your company’s performance, products, and services.

2.Organisations to be benchmarked atre

a)First Merit Bank. ...

b)General Electric. ...

c)Microsoft. ...

d)Wachovia Corporation. ...

e)Starbucks. ...

f)Marriott International. ...

g)Southwest Airlines. ...

h)Booz Allen Hamilton.

3.Data collection is the process of gathering and measuring information on variables of interest, in an established systematic fashion that enables one to answer stated research questions, test hypotheses, and evaluate outcomes.

4..the vagaries of the emerging markets that many multinational corporations have repeatedly bitten dust at their doorsteps of the organisation.Micronutrient deficiencies are so important to public health outcomes, particularly in the developing world, that a series of global goals have been established, and significant amounts of donor and national funds have been directed at them. A recent report highlights the magnitude of the problem and attempts to demonstrate the economic and health costs of vitamin and mineral deficiencies through a series of country.However, given the emphasis particularly by most donor countries on economic rationalization of the past recent decades, there has also been a consistent call to demonstrate the cost benefit of programs addressing micronutrients, especially compared with other health and nutrition programs. The assumption that such interventions are cost-effective has heavily relied on statements from the World Bank which suggested that the cost of micronutrient deficiencies might be up to 5% gross national product (GNP) whereas interventions might only cost 0.3% of the GNP

5.The bank's global research team outlined 10 megatrends that are likely to shape the global economy over the next decade: peak globalization, recession, quantitative failure, demographics, climate change, robots and automation, splinternet, moral capitalism, smart everything, and space .he overall direction in which a nation's economy is moving. Most business managers need to be aware of the prevailing direction of the economic trend for the product markets and countries in which they operate in order to make more accurate and effective plans for their company.

6. sales process is the set of steps your sales team follows when moving a customer along the sales funnel. It begins before you make contact with a prospect and often continues long after the sale is finalized.

A comprehensive sales process encompasses all major customer interactions from prospecting to selling to nurturing.

So, why does having a detailed sales process matter?

A well-defined sales process allows you to:

a) Better understand every stage of your sales pipeline
b) Develop more effective sales and marketing strategies
c) Move prospects along the buying process more quickly
d) Smoothly onboard new hires when expanding your sales team

7.Consensus decision-making is a group decision-making process in which group members develop, and agree to support a decision in the best interest of the whole group or common goal. Consensus may be defined professionally as an acceptable resolution, one that can be supported, even if not the "favourite" of each individual. It has its origin in the Latin word cōnsēnsus (agreement), which is from consentio meaning literally feel together.[1] It is used to describe both the decision and the process of reaching a decision. Consensus decision-making is thus concerned with the process of deliberating and finalizing a decision, and the social, economic, legal, environmental and political effects of applying this process.

Characteristics of consensus decision-making include:

a)Collaborative: Participants contribute to a shared proposal and shape it into a decision that meets the concerns of all group members as much as possible.[2]

b) Cooperative: Participants in an effective consensus process should strive to reach the best possible decision for the group and all of its members, rather than competing for personal preferences.

c) Egalitarian: All members of a consensus decision-making body should be afforded, as much as possible, equal input into the process. All members have the opportunity to present, and amend proposals.

d) Inclusive: As many stakeholders as possible should be involved in the consensus decision-making process.

e) Participatory: The consensus process should actively solicit the input and participation of all decision-maker

8.Economic well-being is created in a production process, meaning all economic activities that aim directly or indirectly to satisfy human wants and needs.

For eg oil company may establish a bureaucracy to compel its ... structure with multiple layers and procedures that make decision making slow. ... A centrally planned economy is an economic system in which all the resources are planned properly

economic development is a policy intervention endeavor aiming to improve the well-being of people, economic growth is a phenomenon of market productivity and rise in GDP. Consequently, as economist Amartya Sen points out, "economic growth is one aspect of the process of economic development". But what do practitioners say about this term? Economists study the broader economy or the commercial economy, they do not study the practice of economic development as carried out by practitioners such as those in the Community Economic Development field, who focus on socio-economic development as well.

9. Implementation is the process that turns strategies and plans into actions in order to accomplish strategic objectives and goals. Implementing your strategic plan is as important, or even more important, than your strategy. .sadly, the majority of companies who have strategic plans fail to implement them., provincial and local jurisdictions utilize economic development incentives to pursue goals and objectives set forth in an economic development policy. Economic incentives allow jurisdictions to promote, grow (and maintain) the local economy through job creation, wage and compensation growth, and/or tax base expansion. Incentives can be provided in a variety of forms, including cash, debt financing, credit enhancement, tax and fee waivers, credits and rebates.

10. By recalibrating existing benchmarks based on potential and known new technologies and practices, the organization maintains its place at the forefront of quality, efficiency, and profitability. This sustained level of leading industry practices is the true aim of benchmarking.Benchmarking is the practice of comparing business processes and performance metrics to industry bests and best practices from other companies. .Benchmarking may be a one-off event, but is often treated as a continuous process in which organizations continually seek to improve their practices.