Benchmarking: it is a term that has often been used to represent \"the best of t

Question

Benchmarking: it is a term that has often been used to represent "the best of the class" performance.

The objectives of benchmarking:

(1) To determine what and where and which areas needs improvements are called for,

(2) Analyze how other organizations achieve their high performance levels, and

(3) To use this information to improve their performance.

Performance benchmarking: comparing the performance levels of organisations for a specific process. Performance benchmarking may involve the comparison of financial measures or non-financial.

Best practice benchmarking, organisations study other organisations that are high performers in particular areas of interest. Knowledge gained through the study is taken back to the organisation and where feasible and appropriate, these high performing or best practices are adapted and incorporated into the organisation’s own processes. Therefore best practice benchmarking involves the whole process of identifying, capturing, analysing, and implementing best practices.

In this case we have 5 years of span time .so, we can study the situations of some other banks and analyse the study and implement the best suitable measures to be taken and analyzing all the data in the study and then implementing those best practices. At the same time swot analysis should be done to know about the threats and opportunities.

Explanation / Answer

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? NO COPY AND PASTE OR SCREENSHOT PICTURES PLEASE WRITE OUT ANSWER I REPEAT NO SCREENSHOT PICTURES ANSWER MUST BE 2 PARAGRAPHS !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

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