benchmark

Examples of benchmark in the following topics:

• Employee Pay Decisions

  • External measures such as benchmarking (salary surveys) and ongoing reporting that constitute a market survey approach.
  • Benchmarking is when an organization compares its own pay practices and job functions against those of its competitors.
  • Non-key jobs are unique to their organizations and are therefore not useful in benchmarking.
  • Benchmarking uses external measures to make internal pay decisions.
  • Managers benchmark the metrics of their company against those of industry competitors.

• Ratio Analysis

  • Ratio analysis is a useful tool for benchmarking the financial and operational efficiency of a project compared with other projects.
  • These are typically used to determine a company's financial health relative to industry benchmarks, but they can also be used to maintain financial control of specific projects by assessing their financial health.
  • The goal of process control is increased efficiency; ratio analysis uses a wide variety of point in similar projects as benchmarks to denote where efficiency can be enhanced, and underlines differences in profitability and efficiency that may sway resource allocation for the organization in the future.

• Overview of Strategic Planning Tools

  • By benchmarking this situation against reality, strategists can see in which situations value can be captured.
  • Benchmarking can be done qualitatively or quantitatively, and it is a comparative approach to strategy.
  • Benchmarking usually requires the identification of a close competitor with similar strategic prerogatives so that the strategist can compare and contrast the two companies' strengths and weaknesses, identifying strategies for improvements or competitive advantages.
  • Incorporating concepts such as forecasting and benchmarking in conjunction with larger corporate strategy frameworks such as SMART goals and MBO will equip strategists with a strong short-term and long-term approach.

• Analyzing Organizational Performance

  • Using this benchmark, management can reconsider objectives in the context of standards set, ensuring that they are both parallel and effective.
  • Public companies must release annual and quarterly reports, which serve as useful benchmarks for incumbents in the same industry (or new entrants).
  • Employ benchmarks and extensive research initiatives to effectively derive standards and expected results in the control process

• Quantitative and Analytical Management Tools

  • These tools, such as decision tress, simulation, trend charts, benchmarking, and financial projections, help managers improve their decision-making abilities, determine how the business is performing relative to competitors, and discover opportunities for improvement.
  • Benchmarking allows a manager to see how different aspects of a business (usually quality, time, and cost) are performing compared to national, regional, and industry standards.
  • In the process of benchmarking, management identifies the best firms in the industry, or in another industry where similar processes exist, and compares the results and processes of the target firms to management's own results and processes.

• Measuring Organizational Performance

  • Best practices: In the context of evaluating internal operations (comparing core processes to effectiveness and efficiency standards), how does current performance compare to benchmarks of past performance, performance in the industry, and political expectations?
  • For organizational information, the focus is on the outcomes of the agency's performance, but input, output, process, and benchmark factors are important as well in creating a comparative framework for analysis.

• Key Behaviors of Transactional Leaders

• The Quality Control Cycle

  • Quality control is a business procedure used to assess the quality of a company's products or services against benchmarks determined by the company, industry standards, or clients/customers.

• Combining Internal and External Analyses

  • This strategic development requires companies to understand the opportunities and threats in the external environment and benchmark these against the strengths and weaknesses of their internal environment.

• Elements of Managing Control

  • Comparison with Standards - Information should be collected and interpreted in a timely and accurate way by management and then benchmarked against previously stated organizational or competitive standards.