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Bench Mark Definition. The process helps in comparing and gauging. You can also think of a benchmark report as a dashboard on a car.

Benchmarking in TQM With Examples and Benchmarking tools
Benchmarking in TQM With Examples and Benchmarking tools from bohatala.com

Benchmarking, is a tool of strategic management, that allows the organization to set goals and measure productivity, on the basis of the best industry practices. Benchmarking is the continuous process of measuring one’s own product, services and ac­tivities against the best level of performance. There are many ways to define benchmarking, as would make sense given that the term was originally derived in the 19th century in a totally different context than what is applied today.

Benchmarking in TQM With Examples and Benchmarking tools

By assigning the manager a benchmark with which to compare the portfolio's performance, the portfolio manager will make investment decisions with the eci's performance in mind. (a) a horizontal mark at the water's edge with reference to which the height of tides and floods may be measured. The most commonly used benchmarks are market indexes such as the dow jones industrial. Benchmarking is the practice of a business comparing key metrics of their operations to other similar companies.

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