Benchmarking Flashcards
1
Q
What is Benchmarking?
A
Benchmarking uses comparisons with best practice to encourage improvement and achieve a competitive advantage.
2
Q
What are the types of benchmarking?
A
Internal
Competitive
Best in Class
General
3
Q
What is Internal Benchmarking?
A
Internal benchmarking involves comparisons within the business i.e Comparison between profit centres
4
Q
What is competitive benchmarking?
A
Competitive benchmarking involves making comparisons between competitors within the same industry
5
Q
What is best in class benchmarking?
A
Comparing a function (I.e production) against a firm that is very strong in performing that function.
