at 6:59 AM

Benchmarking – Meaning and Uses

Benchmarking is an approach of setting goals and measuring productivity based on best industry practices.
Firms can use Benchmarking process to achieve improvement in diverse range of management functions like :

  • Maintenance operations
  • Assessment of total manufacturing costs
  • Product development
  • Product distribution
  • Customer services
  • Plant utilization levels
  • Human resource management

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