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

What do you know about sinking funds, Q. What do you know about sinking fun...

Q. What do you know about sinking funds? sinking funds : quite often, one may be interested to accumulate a target amount over a given period inclusive of interest for the peri

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

What interest rate is required to yield a balance, Q.  A sum of $2,500 is d...

Q.  A sum of $2,500 is deposited in a bank account that pays 5.25% interest compounded weekly. How long will it take for the deposit to double?  How long will it take you to accrue

Prevention of risk - method of risk management, Prevention of Risk - Method...

Prevention of Risk - Method of risk management In case of this method, the business avoids risk by taking appropriate steps for prevention of business risk or avoiding loss, su

What is rectification of errors, Principles of Financial Accounting and Man...

Principles of Financial Accounting and Management 1. Define Accounting. Briefly explain the ‘Entity Concept' and ‘Money Measurement Concept' of accounting. 2. What is rectif

Show the advantages of irr method, Q. Show the Advantages of IRR Method? ...

Q. Show the Advantages of IRR Method? Advantages of IRR Method:- (i) Similar to the other DCF methods IRR methods as well take into consideration the time value of money.

Explain difference between business risk and financial risk, What is the di...

What is the difference between business risk and financial risk? Business risk refers to the improbability a company has with regard to its operating income also known as earni

What do you mean by variable working capital, Q. What do you mean by Variab...

Q. What do you mean by Variable working capital? Permanent or fixed: Permanent or fixed working capital is the minimum amount which is required to ensure effective utilization

What is the advantages of IFRS 8, What is the advantages of IFRS 8 A...

What is the advantages of IFRS 8 Advantages Allows users to view internal management's approach and highlights what's important from management's point of view.

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