Benchmarking produces standards and identifies opportunities for change. As a result of benchmarking, a business might adopt new working practices, engage in restructuring, or alter its sales strategy to improve performance.
Benchmarking is a powerful way to assess the strengths and weaknesses of your business and understand what makes your competition so tough. By comparing your business to others, you can set realistic goals and find new and efficient methods for achieving them.
Question: Benchmarking determines: a. Customer requirements b. Process capability c. How company is doing relative to others d. Getting ISO 9000 audit done.
The benchmarking process is a method business professionals can use to determine how various elements within an organization compare to the aspects of other companies. The elements they choose to consider may include strategies, services, products, performance, salaries and more.
Which of the following is not an advantage of internal benchmarking? a) Low cost b) High cost c) Relatively easy d) Deeper understanding of all the processes of
In business and for engineering economics in both industrial engineering and civil engineering practice, the minimum acceptable rate of return, often abbreviated MARR, or hurdle rate is the minimum rate of return on a project a manager or company is willing to accept before starting a project, given its risk and the opportunity cost of forgoing other projects.
A synonym seen in many contexts is minimum attractive rate of return.
In business and for engineering economics in both industrial engineering and civil engineering practice, the minimum acceptable rate of return, often abbreviated MARR, or hurdle rate is the minimum rate of return on a project a manager or company is willing to accept before starting a project, given its risk and the opportunity cost of forgoing other projects.
A synonym seen in many contexts is minimum attractive rate of return.
