Describe benchmarking, Managerial Accounting

Assignment Help:

Describe Benchmarking

It is the process of measuring products service or activities against the best level of performance which may be found either inside or outside the organizations. Developed organizations use combination of financial and non-financial bench marks rather than relying exclusively on other type. Upcoming companies use bench marking to adopt world class performance targets. Performance gaps are properly scrutinized and then concerted efforts are made to improve to achieve world class operations.

Bench making involves following important steps:

1. Selection of bench mark site,

2. Define bench mark question,

3. Gather information about bench mark, and

4. Determine and interpret performance gap.

 


Related Discussions:- Describe benchmarking

What is master budget, What is Master budget Financial budget are conce...

What is Master budget Financial budget are concerned with cash receipts and disbursements working capital. Several functional budgets are integrated into master budget. This bu

Organizing-motivation-role of management accountant, Organizing (1) It is...

Organizing (1) It is the establishment of the framework within which the required activities are to be performed and the designation of who should perform such activities. It inc

Projected balance sheet method, In this method, approximation of various as...

In this method, approximation of various assets here excluding cash and including liabilities are made getting into consideration the transactions in the ensuring period. Afterward

What is the significance of performance budgeting, Significance of performa...

Significance of performance budgeting Performance budgeting will help the management of companies by introduction of management objective to improve performance. Further it wi

Definition of the mission and goals of the organization , Definition of the...

Definition of the Mission and Goals of the Organization Generally the organization has already established mission and aim statements. Though, it may be essential to redefine

Assignment help, I need help making sure I did my accounting assignment cor...

I need help making sure I did my accounting assignment correctly

State the steps for standard costing system, State the steps for Standard c...

State the steps for Standard costing system standard costing system involves the following steps 1) Setting-up of standards for each element of cost: standards should be s

Explain the categories of the activity cost drivers, Explain the categories...

Explain the categories of The activity cost drivers The activity cost drivers can broadly be classified into following three categories: 1) Transaction drivers: for exampl

Stock-out costs, Stock-out costs These are the opportunity costs of run...

Stock-out costs These are the opportunity costs of running out of stock. They comprise: 1) The costs of lost customer sales, and therefore lost contribution to fixed costs.

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd