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Essay / Research Paper Abstract
A 4 page paper which examines the decision-making tool by describing the technique, providing an application example, and also discusses when one would and would not use the technique. Bibliography lists 4 sources.
Page Count:
4 pages (~225 words per page)
File: TG15_TGbenchmrk.rtf
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Unformatted sample text from the term paper:
benchmarking is a decision-making tool that calculates what business "is the very best, who sets the standard, and what that standard is" (Reh, 2005). A standard is a measure
that is used for comparative analysis. Once the decision is made to employ benchmarking and a measurement has been determined, the goal is to assess how the best "got
to be the best" and what needs to be done to create the same conditions in ones own company (Reh, 2005). This can usually be accomplished through computer software
such as key performance indicators or performance appraisals (Reh, 2005). How can the benchmarking technique be applied? First and foremost, planning is key, which makes limiting the focus of
the corporate study particularly important (Obringer, 2005). Whatever area is to be studied, whether it is marketing, finance, communications, etc., it should be closely identified and clearly documented (Obringer,
2005). Next, questionnaires and surveys are helpful in collecting the data that will be utilized in benchmark comparison (Obringer, 2005). Any corporate websites of a similar type that
contain "best practices" information would be a good starting point because the collected data from these sites could be easily acquired and applied to comparative analysis, which is the third
step in the process (Obringer, 2005). Finally, a critical assessment as to whether or not implementation of the benchmarked material is feasible occurs, and then the decision to pursue
the point of action is taken (Obringer, 2005). Benefits of the technique include making more informed decisions regarding corporate changes and is an effective way to jumpstart the progress
of any company that may be languishing in certain crucial areas (Obringer, 2005). The Xerox Corporation, which has long been heralded as an early and one of the most successful
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