Business

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1. 
   ladyvols1 Teacher
   High School - 9th Grade

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   Benchmarking is the study of a company or organization that excells in all aspects of it's acheivments, then using the data that is collected to improve the performance of their own company.  To conduct the benchmarking process correctly the company and the studied company must agree to share information and be co-operative with each other.  After the data is collected in the specific areas needed, the first business will analyze the data and set new goals or "benchmarks" to improve thier product, production, or management.

   Sources:

   http://www.enotes.com/biz-encyclopedia/benchmarking

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   Posted by ladyvols1 on Thursday November 13, 2008 at 9:13 AM
   
   

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