Benchmarking

Good Essays
Topics: Management
BENCHMARKING, ELEMENTS OF BENCHMARKING
KARTHIEK R, STUDENT Sri Krishna Institute Of Management

Abstract Benchmarking is a process by which you can find answers to questions regarding the performance of your business, such as how your business is doing compared to other businesses. Benchmarking is a systematic and ongoing process of identifying and understanding the best practices and processes of other businesses and organizations, in order to adapt and use them in your own business, to improve your performance. It is a continuous learning process, starting with what is happening around and extending to the best practices in all parts of the world. The idea behind benchmarking consists of defining specific performance standards in areas such as production costs, cycle times, and the prices charged. In its beginnings,benchmarking was used as a means of systematizing information related to competitors in a certain sector of an industry, but it soon became obvious that benchmarking could be used only not only to understand and compare with competitors, but also to understand the behavior of any organization, including those in other industries, whether large or small, public or private, local or global.

Keywords: Mentoring, Benchmarking, Science Education

Introduction-Benchmarking
Benchmarking is the process of weighing goods and services of an organization’s stiff competitor or the best performing companies usually known as “blue chip” companies. A nursing manager can use benchmarking skills to improve the performance or productivity of a healthcare organization. Manager can use the system to reduce the operational cost at the same time improving results for patients . . In more conventional terms, benchmarking can be defined as measuring your performance against that of best-in-class companies, determining how the best-in-class achieve those

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