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

results of quality improvements, At the starting of the year, Asquith Comp...

At the starting of the year, Asquith Company Ltd initiated a quality improvement program. The program was successful in decreasing scrap and rework costs. To help assess the impact

Multiple regression, MULTIPLE REGRESSION The least square regression eq...

MULTIPLE REGRESSION The least square regression equation discussed above was based on the assumption that total cost was determined by only one activity based variable. However

State direct material cost standard, State Direct material cost standard ...

State Direct material cost standard The determination of direct material cost standard would involve: a) Determination of quantity standards and b) Determination of pric

Career as a ceo, Q. Career as a CEO? Are you a leader Would you enjoy s...

Q. Career as a CEO? Are you a leader Would you enjoy sometime becoming the president or chief executive officer (CEO) of the company you work for after that you should consider

Determine the cash flow budget - monthly cash disbursement, where can I get...

where can I get the solution for the question on this link: http://www.expertsmind.com/questions/determine-the-cash-flow-budget-monthly-cash-disbursement-30145416.aspx I have att

What is nile''s strategy for success in the marketplace ?, what is nile's s...

what is nile's strategy for success in the marketplace ?

Credit investigation, Once the credit information is accumulated the subseq...

Once the credit information is accumulated the subsequent step is to analyze the gathered information and isolate those matters that may need further investigation. The factors whi

Zero based budgeting, areas where zero based budgeting can be effectively u...

areas where zero based budgeting can be effectively used?

Management accounting , Management Accounting 1) Which is concerned wi...

Management Accounting 1) Which is concerned with provision of information to people within the organization to help them make better decisions? Management accounting is concer

Explain the funded debt to total capitalization ratio, Funded debt to total...

Funded debt to total capitalization ratio The ratio establishes a link among the long term funds raised from outsider and total long term funds available in the business. The

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