1. Benchmarking Chapter 8 By: Anitha Veerpaneni, Kristie Winnett, and Danielle Steibel

2. Benchmarking Focus Questions What is your definition of benchmarking? Why is benchmarking important?

3. Benchmarking According to the text benchmarking is: “systematic search for best practices, innovative ideas, and highly effective operating procedures” Benchmarking is important because: It constantly challenges your organization to improve, and to set new goals and objectives

4. Benchmarking Six Techniques for Benchmarking 1.Decide what to benchmark 2.Understand current performance 3.Plan 4.Study others 5.Learn from the data 6.Use the findings

5. Benchmarking Weaknesses of Benchmarking Timely and costly to initiate Standards are constantly changing Lack of originality Difficult to initiate if don’t have internal cooperation Setting goals for the company which do not necessarily fit the company objectives

7. References Besterfield, D., Besterfield-Michna, C., Besterfield, G., & Besterfield-Sacre, M. (2003). Total Quality Management (3 rd ed.). Saddle River, New Jersey: Pearson Education.