BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Explanation: Defining a proper metric for performance comparison is important in benchmarking. The target value must be what the best-in-class achieves. Then, organization compares its performance with the target value.

Detailed explanation-2: -The most common metrics for benchmarking include cost per unit, time to produce, product/service quality, effectiveness, time to market, customer satisfaction and loyalty, brand recognition.

Detailed explanation-3: -Benchmarking can allow you to: Gain an independent perspective about how well you perform compared to other companies. Drill down into performance gaps to identify areas for improvement. Develop a standardized set of processes and metrics. Enable a mindset and culture of continuous improvement.

Detailed explanation-4: -What is performance benchmarking? Performance benchmarking is the process of measuring and analyzing an organization’s performance of products, services, operations, and other business processes against other companies, competitors, or industry leaders. It helps businesses identify and understand areas for improvement.

Detailed explanation-5: -Metric benchmarking is often undertaken independently by comparing one’s own performance statistics with similar statistics for other functional units or organisations derived from a data set.