Question

Using benchmarking and best practices as a means of achieving operating excellence

A.) is a four-step process that entails (1) benchmarking how well a company performs specific tasks and activities against best-in-industry or best-in-world performers, (2) adapting the various best practices to fit the company's situation and then implementing them, (3) continuing to benchmark company performance of activities against best-in-industry or best-in-world performers, and (4) continuing to improve and refine the company's performance of its activities and thereby move closer to operating excellence.

B.) is essential if a company is to effectively and efficiently implement TQM and/or Six Sigma quality control systems.

C.) needs to be directed chiefly at manufacturing and customer service activities, since these two areas are generally the most critical to good strategy execution.

D.) is a prerequisite to effective reengineering of core business processes and to building strong core competencies.

E.) is a potent tool for helping top managers set stretch performance targets and track a company's progress in executing its strategy.

Answer 1

Benchmarking and implementing best practices are vital for businesses to assess and improve their operations by comparing with industry leaders. Emphasizing core competencies and adapting best practices, aids in strategic execution and supports quality management systems like TQM and Six Sigma.

Step-by-step explanation:

Using benchmarking and best practices as tools for achieving operating excellence is a comprehensive process that enables businesses to evaluate, adapt, and enhance their performance. This approach allows companies to make informed decisions by comparing their processes and outcomes to those considered the best in their industry or even the world. By identifying core competencies and focusing on refining these key areas, a business can outperform competitors that may spread their efforts too thinly over a wide range of products.

Implementing best practices from successful organizations and continuously revising them to fit the unique context of the business supports TQM (Total Quality Management) and Six Sigma methods, enhancing strategic execution and contributing to the reengineering of core business processes. It also provides a foundation for setting ambitious performance targets and tracking strategy progress, all with an eye towards increasing the quality and efficiency of the company's operations.