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Benchmarking

Benchmarking. Chapter 8 By: Anitha Veerpaneni, Kristie Winnett, and Danielle Steibel. Benchmarking. Focus Questions What is your definition of benchmarking? Why is benchmarking important?. Benchmarking. According to the text benchmarking is:

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Benchmarking

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  1. Benchmarking Chapter 8 By: Anitha Veerpaneni, Kristie Winnett, and Danielle Steibel

  2. Benchmarking Focus Questions • What is your definition of benchmarking? • Why is benchmarking important?

  3. Benchmarking • According to the text benchmarking is: “systematic search for best practices, innovative ideas, and highly effective operating procedures” • Benchmarking is important because: It constantly challenges your organization to improve, and to set new goals and objectives

  4. Benchmarking Six Techniques for Benchmarking • Decide what to benchmark • Understand current performance • Plan • Study others • Learn from the data • Use the findings

  5. Benchmarking Weaknesses of Benchmarking • Timely and costly to initiate • Standards are constantly changing • Lack of originality • Difficult to initiate if don’t have internal cooperation • Setting goals for the company which do not necessarily fit the company objectives

  6. QUESTIONS?

  7. References Besterfield, D., Besterfield-Michna, C., Besterfield, G., & Besterfield-Sacre, M. (2003). Total Quality Management (3rd ed.). Saddle River, New Jersey: Pearson Education.

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