Difference between revisions of "Benchmarking"
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[[Benchmarking]] is a set of [[enterprise effort]]s undertaken in order to identify best practices and exploit their implementation within the benchmarking enterprise. | [[Benchmarking]] is a set of [[enterprise effort]]s undertaken in order to identify best practices and exploit their implementation within the benchmarking enterprise. | ||
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==Definitions== | ==Definitions== | ||
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According to [[Fundamentals of Financial Management by Eugene F. Brigham and Joel F. Houston (15th edition)]], | According to [[Fundamentals of Financial Management by Eugene F. Brigham and Joel F. Houston (15th edition)]], | ||
:[[Benchmarking]]. The process of comparing a particular company with a subset of top competitors in its industry. | :[[Benchmarking]]. The process of comparing a particular company with a subset of top competitors in its industry. | ||
| + | According to [[Management by Robbins and Coulter (14th edition)]], | ||
| + | :[[Benchmarking]]. The search for the best practices among competitors or noncompetitors that lead to their superior performance. | ||
==Related concepts== | ==Related concepts== | ||
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*[[Introduction to Financial Management]]. | *[[Introduction to Financial Management]]. | ||
| − | [[Category: Financial Management]][[Category: Articles]] | + | [[Category:Management]][[Category: Financial Management]][[Category: Articles]] |
Revision as of 16:59, 3 June 2020
Benchmarking is a set of enterprise efforts undertaken in order to identify best practices and exploit their implementation within the benchmarking enterprise.
Definitions
According to Financial Management Theory and Practice by Eugene F. Brigham and Michael C. Ehrhardt (13th edition),
- Benchmarking. When a firm compares its ratios to other leading companies in the same industry.
According to Fundamentals of Financial Management by Eugene F. Brigham and Joel F. Houston (15th edition),
- Benchmarking. The process of comparing a particular company with a subset of top competitors in its industry.
According to Management by Robbins and Coulter (14th edition),
- Benchmarking. The search for the best practices among competitors or noncompetitors that lead to their superior performance.
Related concepts
- Financial management. A combination of enterprise efforts undertaken in order to procure and utilize monetary resources of the enterprise.
