Benchmarking: field exercise in a company Benchmarking a product, process, or management accounting method takes a great deal of time and effort. Companies have many choices when it comes to conducting a benchmarking study. For example, in following the five stages of the benchmarking process, companies have to decide how to proceed, who to select as benchmarking partners, and what information they are willing to share and to gather.

Required

Locate a company in your local community that has engaged in a benchmarking study. Try to arrange a visit to the company (perhaps through your professor, relative, or friend) in order to talk to employees who have been involved in the benchmarking effort. Using the five-stage process, critique the approach that this company followed. What are the similarities and differences between what this company did and the process described in this chapter? Be specific about the procedures that were used and the variables that were assessed. Finally, what were the results of the benchmarking exercise at this company? Was it a success or a failure? Why?