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Test 2 BPI Benchmarking questions and answers already passed 2024
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Test 2 BPI Benchmarking questions and answers already passed 2024
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Test 2 BPI BenchmarkingBenchmarking - correct answer ✔The study of a competitor's product or
business practices in order to improve the performance of one's own company
Do you have to limit benchmarking to competitors? - correct answer ✔No
Benchmarking involves - correct answer ✔-Knowing your own performance
and circumstances
-Knowing where you want your performance to be
-An Identified "examplar" of that future performance
-Understnding of the gap between "now" and the "future"
-A clear plan to close the gap with measurable improvements
Better definition of benchmarking - correct answer ✔The process of
improving performance by continuously identifying, understanding, and
adapting outstanding practices and processes found inside and outside the
organization
Benchmarking (seeks)? - correct answer ✔To improve any given business
process by exploiting best practices rather than merely measuring the best
performance. Best practices are the cause of best performance. Studying best
practices provides the greatest opportunity for gaining a strategic, operational,
and financial advantage.
what is best in class? - correct answer ✔Usually classified as the top 20% of
the reported performance in quantitative studies
, Why would we benchmark? - correct answer ✔Because we can gain a
bigger profit by evaluating benchmark
Quantitative benchmarking - correct answer ✔Demonstrates the best
RESULTS
Qualitative benchmarking - correct answer ✔Demonstrates the best
PRACTICE
PRACTICE generates results
Improve practice to obtain best results
Uses standards to define process direction
Process standards - correct answer ✔You can rank selected processes
against the standard and identify the process changes required to achieve the
target
Intra-industry - correct answer ✔compare with companies in your industry
Inter-industry - correct answer ✔compare with companies in other industries
Benefits of Internal benchmark - correct answer ✔Ease of access to
information, shorter time required, spurs culture of continuous improvement
Drawbacks of Internal benchamark - correct answer ✔Does not represent
absolute best practice standard
Benefits of External benchamark - correct answer ✔Offers a clear standard
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