There are several ways to benchmark. The two most common benchmarking tools are
ID: 371307 • Letter: T
Question
There are several ways to benchmark. The two most common benchmarking tools are performance benchmarking and best-practice benchmarking. Consider a nationwide bank that has contracted with a seller to assess its current staffing and facility locations. The goal of the contract is for the seller to produce a strategic plan that creates cost efficiencies for the bank by recommending (and implementing) areas to consolidate among staff and facilities. (One recommendation may be to close down a bank branch that is located within three miles of another bank branch.) This is a long-term contract stretched out over five years. If you were the project manager in the bank, to what benchmarks would you compare your seller? Are they performance benchmarks or best-practice benchmarks?
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Explanation / Answer
The task of the nationwide bank is to attain cost efficiency by discarding and discontinuing those cost in the organization which can bring cost effectiveness so the bank can attain process efficiency and serve the customers in better way along with keeping a good margin so that investors or depositors can get good return of their money.As a project manager of the bank, I would like to compare the seller whom the bank have choosen on the performance benchmarks.Performance benchmark can be defined as assessing competitive position of the firm by comparing products and services with those of other available firms.
In this case the competitive position of the seller with the other available firms will be compare to know how the seller is performed with respect to the other available options.The task is not a short term one and going to be for a long term basis so selection of the seller should based on scientific basis by analysing the previous performances of the seller with other firms so that the recommendation and suggestions of the seller can be objective and for the best needs of the bank.If the recommnedations are not standard and the bank implement the recommendations then it can bring adverse result for the bank.
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