Explain what is meant by 'benchmarking'.

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Benchmarking is a process used in management particularly in strategic management where organizations evaluate various aspects of their processes in relation to best practice companies processes usually within their own sector This allows organizations to develop plans on how to make improvements or adapt specific best practices with the aim of increasing some aspect of performance In other words benchmarking is the practice of comparing the measures of performance such as cost cycle time productivity or quality of a specific process or method against those of another that is widely considered to be an industry standard or best practice The result of this comparison can then be used to identify gaps in an organizations processes in order to achieve a competitive advantage For example a software development company might benchmark its coding and debugging processes against the industryleading practices to determine if they are behind on par or ahead of the standards Based on the results the company might then adopt changes in their development processes to improve efficiency and product quality In summary benchmarking involves looking outward outside a particular business organization ...View the full answer

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Muhammad Umair

I have done job as Embedded System Engineer for just four months but after it i have decided to open my own lab and to work on projects that i can launch my own product in market. I work on different softwares like Proteus, Mikroc to program Embedded Systems. My basic work is on Embedded Systems. I have skills in Autocad, Proteus, C++, C programming and i love to share these skills to other to enhance my knowledge too.

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