State a process for benchmarking, Financial Management

Assignment Help:

State a process for benchmarking

1.  Gain senior management commitment to establish benchmarking as a process within the organisation and educate stakeholders and staff about the benefits. Participate and consult with staff and stakeholders.

2.  Consider benefits against the cost for each activity to be benchmarked to ensure economic or financial justification.

3.  Assign responsibilities to a team of staff for example set goals; establish BM processes and systems, checklists and documentation.

4.  Identify potential partners and known leaders.

5. Undertake the process of benchmarking for example test, measure, observe, experiment or investigate.

6.  Gather, analyse and summarise information collected and documented.

7.  Gap analysis undertaken for deficiencies identified for instance standard v actual.

8.  Implement improvement for example new programmes, processes and procedures. Education and participation encouraged by those affected, avoid being over critical for weaknesses identified. Set objectives and manage change.

9.  Monitor and repeat regularly to discourage complacency, follow up improvements implemented to ensure expected benefits are realised.

 


Related Discussions:- State a process for benchmarking

Security offered - influence the rate of interest, Q. Security offered -  ...

Q. Security offered -  influence the rate of interest ? The rate of interest charged on the loan will be lesser if the debt is secured against an asset or assets of the company

Operating cycle, discuss an operating cycle of vegetable growing in Uganda

discuss an operating cycle of vegetable growing in Uganda

Protected put, Protected Put A protected put would involve a long put a...

Protected Put A protected put would involve a long put and a long stock. For example - ONGC. Underlying stock = Rs. 809 Buy Mar Rs. 900 Put @ Rs.68.8   Total cos

Weighted average cost of capital, Q. Weighted Average cost of Capital? ...

Q. Weighted Average cost of Capital? When the company capital structure is made from equity share capital , debenture and Preference share capital , then we calculated the comb

Explain the costs and benefits of being a remote island, Problem: 1.1 C...

Problem: 1.1 Clearly explain the costs and benefits of being a small and remote island or a ministate economy. 1.2 Over the years, the role of government has been defined al

Absolute performance standard, Absolute Performance Standard is a method of...

Absolute Performance Standard is a method of measuring an organization's development and how effective and efficient it is at operating its business. The absolute performance stand

Compute the fair value of the stock, QUESTION Part A Lavista Ltd i...

QUESTION Part A Lavista Ltd is a leading music entertainment company in the country and the stocks of the company are actively traded in the stock exchange. For the year j

How to develop career strategy, Q. How to develop career strategy? in t...

Q. How to develop career strategy? in this step employees need to focus on developing the knowledge experience and skills necessary to market self to prospective organizations.

Establish ground rules for the study and design phases, Question : One ...

Question : One activity of the study phase is: "Establish Ground Rules for the Study and Design Phases". (a) What are ground rules? (b) When developing ground rules for a

What is return oncapital employed - performance ratios, What is Performanc...

What is Performance ratios ROCE Return oncapital employed (ROCE)= (Profit before interest and tax (PBIT) / Capital employed) * 100% ROCE measures profitability and illu

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