There are eight steps to benchmarking. List three of those steps.
a. ____________________________________________
b. ____________________________________________
c. ____________________________________________

Question

Quizplus · Accepted Answer

The Answer is a. Identify what is to be benchmarked: This step involves selecting the specific processes or functions that will be the focus of the benchmarking effort. It is important to choose aspects of the business that are critical to its success and where performance improvements can have a significant impact.

b. Identify comparative companies: Once the benchmarking subject has been identified, the next step is to determine which companies or organizations will be used as a benchmark. These should be entities that are known for their best practices and superior performance in the area being studied.

c. Collect data and analyze it: After identifying the comparative companies, the next step is to gather data on how these companies perform the processes or functions being benchmarked. This involves collecting qualitative and quantitative information that can be used to compare against one's own performance. Analysis of this data will reveal performance gaps and areas for improvement.

There Are Eight Steps to Benchmarking