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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.
Disadvantages of Simulation 1) Although all models are simplification of reality, they may still be complex and require a substantial amount of managerial and technical time.
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Correlation coefficient (r) Correlation coefficient measures the degree of association between two variables such as the cost and the activity level. r = nΣxy - Σx Σy
underlying assumptions of breakeven analysis and the limitations of this.
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