Benchmarking Defined | Benchmarking Ep.1 Video
Benchmarking Defined | Benchmarking | Quality Tools | Total Quality Management | Lean Six Sigma | Strategic Management | Business Management
BENCHMARKING
Benchmarking as a term has been used widely to refer to many different activities. Benchmarking is a structured process for comparing your organization’s work practices
to the best similar practices, you can identify in other organizations, and then incorporate these best ideas into your own processes.
A benchmark is a permanent mark with a known position and altitude. It is used as a reference point when other positions around it are measured. In business, to “benchmark”, has for many years meant comparing your own products, services, or financial results to those of your competitors.
Jack Grayson, Founder of American Productivity and Quality Center (APQC), has said, “Benchmarking is the practice of being humble enough to admit that someone else is better at something, and being wise enough to learn how to match them and even surpass them at it."
Chapters:
00:00 Introduction and Case Study
02:40 Meaning of Benchmarking
03:12 Definitions of Benchmarking
05:36 Concept of Benchmarking
06:44 Elements of Benchmarking
07:40 Conclusion
#benchmarking #qualitytools #totalqualitymanagement #strategicmanagement
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