Explanation of the Benchmarking Key Concept

Benchmarking and Explanation of the Interest in the Concept Benchmarking seems an interesting problem for discussion as its methods may be applied to various business processes. The understanding of the methodology and the specific areas which can be considered within the issue may help improve the quality of the company performance. Applying appropriate methods for particular issues is one of the main guarantees of successful prediction of the actions outcome.Advertising We will write a custom essay sample on Explanation of the Benchmarking Key Concept specifically for you for only $16.05 $11/page Learn More The interest in dealing with benchmarking may be also explained by the desire to increase the quality of the product and this method is one of the most effective one. Reading an article Benchmarking for quality by Shah and Kleiner (2011), it becomes obvious that appropriate benchmarking techniques may be used for improving product quality, selecting the best practices and considering the most effective performance measured for running business. A more profound research of this concept may be useful in practice in the future. Explanation of the Key Concept: Benchmarking Benchmarking is defined as â€Å"a continuous systematic process for evaluating the products, services and work processes of organizations that are recognized as representing best practices for the purpose of organizational improvement† (Shah, Kleiner, 2011, p. 23). To understand the main idea of benchmarking, it is important to consider the purposes and reasons why organizations use this concept. Thus, according to Shah and Kleiner (2011), benchmarking is used for comparing products and processes, searching for new ideas, forecasting market demand, setting goals, and planning strategies. This concept is directed at comparing and contrasting the best methods used by the leading companies and trying to implement those for improving the performance of the organization. Major Article Summary The article under consideration dwells upon benchmarking, its specific purpose, usefulness and application to real situations. At the beginning of the discussion, the authors of the article state the means for quality measuring and the ways for its improving. Benchmarking is described as an individual concept, without reference to quality or another organizational process. Five stages of benchmarking process are explained in the concept of application of this method for business processes. Thus, five stages of benchmarking areAdvertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More plan creation, identification of the sources of the information, selection of the information-selection methods, analysis of the considered information and production of the recommendations, implementation of the recommendations. Additionally, a case study of the benchmarking at a pa int company is presented to make sure that he reader is able to understand the process of benchmarking and can easily apply it in practice. Discussion Benchmarking is the process which helps the company manager work on company improvement. The article under discussion is closely related to the module as the desire to improve the company performance is usually supported by the search for peculiar methods. Benchmarking is one of such processes. The problem considered in this paper is closely connected with the other articles cited in the annotated bibliography. Benchmarking is the ideas discussed in those articles. Some of the readings are devoted to practical implementation of the method, others just explain the theoretical framework. The sources cites below show how benchmarking is used in different countries, Serbia, Iran, and Finland with the purpose to prove that the method is effective in various economical conditions and ways of market development. References Ghoddousi, P., Yav ari, H., Hosseini, M. (2010). Competitive benchmarking of Iranian construction companies management performance. TTEM- Technics Technologies Education Management, 5(3), 621-634. Manoj, P. K. (2010). Benchmarking housing finance companies in India: Strategies for enhanced operational efficiency and competitiveness. European Journal of Economics, Finance Administrative Sciences, (21), 21-34. Milichovsky, F. (2010). Benchmarking as marketing support. Economics Management, 15, 678-681. Nikolić, M., Sajfert, Z., Vukonjanski, J. (2009). Benchmarking of PR function in Serbian companies. South East European Journal of Economics Business, 4(2), 103-119.Advertising We will write a custom essay sample on Explanation of the Benchmarking Key Concept specifically for you for only $16.05 $11/page Learn More Shah, D., Kleiner, B. H. (2011). Benchmarking for quality. Industrial Management, 53(2), 22. Tervonen, P., Alapiha, J., Haapasalo, H. (2011). Benchmarki ng ESSQ management systems. Journal of Modern Accounting Auditing, 7(1), 59-66. This essay on Explanation of the Benchmarking Key Concept was written and submitted by user Dalton Brooks to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.