Performance Benchmarking Notes: Definitions & Explanations PDF | Download eBooks
Study Performance Benchmarking lecture notes PDF with total quality management definitions and explanation to study What is Performance Benchmarking?. Study performance benchmarking explanation with TQM terms to review total quality management course for online MBA programs.
Performance Benchmarking Definition:
Performance benchmarking allows initiator firms to assess their competitive position by comparing products and services with those of target firms.
Managing Quality: Integrating the Supply Chain by S. Thomas Foster
Performance Benchmarking Notes:
In performance benchmarking, the initiator firm tries to compare its performance with the best in the industry based on any performance measure in order to be in a competitive position. For organizations performing performance benchmarking, there is always a room for improvement. Many different performance measures can be taken into account while planning to do performance benchmarking. These include productivity, efficiency, Quality measures, lead time, or cost effectiveness etc. For example, an automobile manufacturing company can perform performance benchmarking with Toyota based on their quality control measures as Toyota is the leading automobile manufacturing company in the respective industry on the basis of its Six Sigma approach.
Keep Learning with TQM Notes
What is Product Liability?
Sometimes, a faulty or defective product can be sold to the customers. The defect in the product can be dangerous ...
What is IDOV?
IDOV is a Six Sigma process improvement technique which is used in relation to Design for Six Sigma. It involves ...
What are Specifications?
Specifications are the requirements that are to be fulfilled by a product or a service. Quality characteristics are closely related ...
What is Matrix Diagram?
Matrix diagram is somewhat similar to quality function deployment (house of quality). The layout, applications and even the symbol used ...
What are Key Business Factors?
For benchmarking practices, some performance measures are to be identified. These measures are chosen on the basis of key business ...
What is Queue Time?
Sometimes, the work on items or products does not start right away. In this case, the products or material have ...
