It has been defined that Benchmark is the process used in management in which organizations evaluate various aspects of their processes in relation to the best practice, usually within their own sector.
As it is, my understanding is that every organization should have their own benchmarks in order to achieve their targeted goal. Without benchmarks, we may not be able to evaluate ourselves and our goals.
Besides that, the discussion session was good and interesting. It made me understand better about the new Wiki. There were things like the history and discussion that can be viewed and done in the wiki.
A quick note about benchmarks: Companies set goals or targets based on benchmarks that they deem are critical. These benchmarks may be based on industry averages, or what is considered top-of-class or middle-of-class benchmarks. For example, in a DE program, the "industry" average for percentage of drop-outs may be in the 50% range. A top-rated DE provider may not be interested with this average benchmark. So they may set a higher target, or look at the average of other top-rated providers and benchmark against that.
ReplyDeleteVery nice information and such a good post, Now I learn more about benchmarks. Thanks for sharing it.
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