Question

Please understand that a wrong answer from you will result in a down vote, negative feedback, and a tweet to chegg support. I have less tolerance towards incompetency when my money is spent on your talent. Provide detail explanation and type your answer.
11) What are Bench Marking Recommendations are all about ?

it is relating to bench marking concept

Answer 1

Benchmarking is the process of comparing anything about the company or business with that of the industry may it be rates, costs, processes, performance metrics or anything. It is a tool which is adopted by the customer to compare the rates provided to them with that of the rates available for the similar products or services to other customers or market. The intention behind this whole exercise to go back to supplier with the information available and asking for discounts or revisit the rates to provide the best. In similar way, it can be used to measure performance using some indicators and comparing the performance with the industry performance or peer performance. The indicators can be cost per unit, defects per unit or anything. Thus through benchmarking, organizations evaluate various aspects of their processes so that they can develop plans on how to make improvements or adapt specific best practices. It starts with identifying the best firms in their industry, or in another industry where similar processes exist, make that as a target and compare their results and processes with our results and processes.The ultimate aim of this whole benchmarking exercise is to increase benefits, whether direct or indirect.