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Essay

Benchmarking in Business

Essay specific features

 

Issue:

Business

 

Written by:

Monica P

 

Date added:

December 30, 2014

 

Level:

University

 

Grade:

A

 

No of pages / words:

2 / 425

 

Was viewed:

460 times

 

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Essay content:

Five of those questions begin with w which stands for (who, what, when, where, and why), and the h stands for (how, and how much). The 5w2h questions should be viewed in the context of a process. The inputs are known as people, machines, materials, and design that combine to form a product or service which are all combined into what is known as the conversion process...
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In the conversion process the inputs are aligned together to form the product or service. The conversion process results in outputs that are eventually sold to customers. Robert Camp developed a business process benchmarking process which has 10 steps. The steps are as follows: (1) decide what to benchmark, (2) identify whom to benchmark, (3) plan and conduct the investigation, (4) determine the current performance gap, (5) project future performance levels, (6) communicate benchmarking findings and gain acceptance, (7) revise performance goals, (8) develop action plans, (9) implement specific actions and monitor progress, and (10) recalibrate the benchmarks...
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