Benchmarking is comparing ones business processes and performance metrics to industry bests and best practices from other companies in project management benchmarking can also support the selection, planning and delivery of projects dimensions typically measured are quality, time and cost.
Strategic benchmarking: looking beyond your own industry for best-in-class performance for particular processes or functions is an excellent way to challenge your firm to rethink long-standing assumptions and practices. Benchmarking and the strategic planning process benchmarking can be used in all three steps of the classical, rational model of strategic planning: • assess the strategic position (internal and external factors) frequently, strategic planning starts by defining the mission or mission statement.
Auto suggestions are available once you type at least 3 letters use up arrow (for mozilla firefox browser alt+up arrow) and down arrow (for mozilla firefox browser alt+down arrow) to review and enter to select. When you include strategic benchmarking in your planning, you can compare your improvements in strategic performance to that of performance leaders in your field of activity in addition to comparing them to the past performance of your own business. Benchmarking can be integrated with the process of strategic management in such a way that it becomes a component of strategic planning, controlling and implementing activities figure 2.
Strategic benchmarking is used when identifying and analyzing world-class performance this form of benchmarking is used most when a company needs to go outside of its own industry this form of benchmarking is used most when a company needs to go outside of its own industry. While benchmarking may succeed with senior management support alone, it is far more likely to succeed if it has the support of middle management and the project team furthermore, the project team is far more likely to support the benchmarking initiative if it is understood that the goal is system improvement and not individual or team performance appraisal.
The strategic asset management performance and require- tor and/or the project team, making sure that the scope of the ment assessment steps attempt to balance opportunities and decision and performance objectives for the asset and/or.
The strategic management process is a philosophical approach to business and can be characterised through establishing a mission, creating objectives, and devising strategies, then through external and internal assessment creating strategy which is then implemented and checked on by strategic control.