Benchmarking Notes: Definitions & Explanations PDF | Download eBooks
Study Benchmarking lecture notes PDF with total quality management definitions and explanation to study “What is Benchmarking?”. Study benchmarking explanation with TQM terms to review total quality management course for online MBA programs.
Benchmarking Definition:
Benchmarking is the sharing of information between companies so that both can improve.
Managing Quality: Integrating the Supply Chain by S. Thomas Foster
Benchmarking Notes:
Benchmarking is a process that enables a company to measure its performance in all aspects i.e. products, process, services and compare it to another company that is considered best in the respective industry. Benchmarking is a method of improvement in performance of a company and allows to adopt the best practices of its competitors. For the process of benchmarking, the information is collected from the best within the industry and compare the internal operations in order to find the areas of improvement. The types of benchmarking are process benchmarking, financial benchmarking, performance benchmarking, product benchmarking, strategic benchmarking and functional benchmarking.
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