Benchmarking
Added by Evans K.
Step 1
Here's a step-by-step approach to understanding and implementing benchmarking: Show more…
Show all steps
Your feedback will help us improve your experience
Donna Densmore and 82 other Macroeconomics educators are ready to help you.
Ask a new question
Labs
Want to see this concept in action?
Explore this concept interactively to see how it behaves as you change inputs.
Key Concepts
Recommended Videos
What is the principal advantage of benchmarking? Provide an example.
Jennifer S.
operational benchmarking “compares organizations from the standpoint of staff productivity, staffing mix, and the use of space and resources.” You are to select one particular health facility department or function, preferably one of which you have some knowledge or familiarity, and develop a benchmarking profile for that department or function. That is, develop a detailed listing of the features or characteristics of the operation that can have a bearing on cost and indicate what benchmarking data you perceive as necessary or helpful. (You are looking for indicators such as output in units per period, items processed per person per hour, and such.) As indicated above, consider “staff productivity, staffing mix, and the use of space and resources.”
Shu N.
"Benchmarking against other companies enables a company to identify the lowest-cost producer. This amount should become the performance measure for next year." Do you agree?
Recommended Textbooks
Principles of Economics
Macroeconomics
Economics
Transcript
18,000,000+
Students on Numerade
Trusted by students at 8,000+ universities
Watch the video solution with this free unlock.
EMAIL
PASSWORD