Related PapersThis article provides an overview of how benchmarking has evolved over time, and its growing importance. It includes a description of the different types of benchmarking, success stories and services available to support benchmarking endeavours. Show
World-class companies are able to emulate and surpass the best international companies in their field and use world-class techniques. Construction companies which want to compete at world-class level must have a competitive edge for survival in the global market. Benchmarking provides information on worldclass performance requirements and this can be used by Construction companies to improve their performances. The research aims at developing a cost effective framework which can be used by construction companies in Ghana to measure their performance and to benchmark their performance for continuous improvement towards world-class standards. Existing frameworks, models and programmes for improving business performance are reviewed. The paper identifies the weaknesses of these frameworks and explores a conceptual benchmarking framework which enables construction companies to measure and benchmark their performance. The paper concluded by establishing a system for implementation for the conceptual benchmarking framework to be developed. To read the full version of this content please select one of the options below:
Dean Elmuti (Lumpkin College of Business and Applied Sciences, Eastern Illinois University, Charleston, Illinois, USA) Yunus Kathawala (Lumpkin College of Business and Applied Sciences, Eastern Illinois University, Charleston, Illinois, USA) The continuous pursuit of excellence is the underlying and ever present goal of benchmarking practices. Benchmarking is an external focus on internal activities, functions, or operations in order to achieve continuous improvement. It is the process of judging a company’s processes or products by comparing them to the world’s best, including those in other industries. Benchmarking is emerging in leading‐edge
companies as a tool for obtaining the information needed to support continuous improvement and gain competitive advantage. In order to benchmark effectively, there needs to be a strong strategic focus and some flexibility in achieving the goals set forth by management. Perhaps the most important aspects of effective implementation are adequate planning, training, and open interdepartmental communication. Elmuti, D. and Kathawala, Y. (1997), "An
overview of benchmarking process: a tool for continuous improvement and competitive advantage", Benchmarking for Quality Management & Technology, Vol. 4 No. 4, pp. 229-243. https://doi.org/10.1108/14635779710195087 MCB UP Ltd Copyright © 1997, MCB UP Limited Related articlesNotes This preview shows page 20 - 23 out of 41 pages. -SWOT-value chain analysis-benchmarking Which company pioneered the use of benchmarking not only of its rivals but also of any Get answer to your question and much more Detailed examination of a company’s value chain, including its customer value proposition andbusiness model, allows for evaluation of which of the following ? Get answer to your question and much more How can a company reduce cost disadvantages associated with supplier related value chainactivities? Get answer to your question and much more Aggressive price-cutting to win customers away from a rival can be risky for which of thefollowing reasons?-rivals with a stronger relative cost positions might be able to better survive a price war-other competitors might interpret such a move as an attack When Company AA’s rivals have much higher competitive strength, Company A is to have a netcompetitive disadvantage Get answer to your question and much more How can a company use the information it has gleaned from benchmarking and value chainanalysis? Get answer to your question and much more Which of the following are examples of what can be learned from using value chain analysis? Get answer to your question and much more Which statements about gather company benchmarking information are true?True -Comparing the costs of two companies can be misleading if the companies usedifferent cost accounting principlesTrue -Some benchmarking information can be obtained from published reports by trade groups and industry research firms Get answer to your question and much more -Most major corporations are eager to share benchmarking information on bestpractices for their industryhow can a company use its supplier relationship to bolster its customer value proposition? Get answer to your question and much more How can a company enhance differentiation at the forward end of the value chain system? Get answer to your question and much more How can mangers improve a firm’s customer value proposition and enhance differentiation?-relocate high-cost activities-adopt best practices-introduce new technologies What activities make up the primary value chain in the pulp and paper industry? Upload your study docs or become a Course Hero member to access this document Upload your study docs or become a Course Hero member to access this document End of preview. Want to read all 41 pages? Upload your study docs or become a Course Hero member to access this document How can a company improve cost competitiveness on the distribution side of its value chain?How can a company improve cost competitiveness on the distribution side of its value chain?. market opportunities that offer the best chances for growth.. market opportunities that offer the best chances for competitive advantage.. market opportunities that match up with the company's competitive assets.. Which of the following accurately reflect the relationship between a company's activities and its resources and capabilities?Which of the following accurately reflect the relationship between a company's activities and its resources and capabilities? Value-creating activities contribute to the formation and development of capabilities. Continuous investment of resources in value chain activities leads to the creation of a competence.
What can be learned through value chain analysis?Conducting a value chain analysis prompts you to consider how each step adds or subtracts value from your final product or service. This, in turn, can help you realize some form of competitive advantage, such as: Cost reduction, by making each activity in the value chain more efficient and, therefore, less expensive.
Which of the following are characteristics of a company's core competency?Which of the following are characteristics of a company's core competence? It contributes to the company's profitability. It is central to a company's strategy. It is competitively valuable.
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Which company pioneered the use of benchmarking not only of its rivals but also of any company regarded as world class?
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