Answer:
Process benchmarking:
A benchmark is a recognition for any company for its excellent operational performance.
A process benchmarking is one of the types of benchmarking, which compares processes between the initiator firms and target firms.
A process benchmarking allows the initiator firm to focus its surveillance and improvement on business processes.
These processes may include,
• Operating systems
• Process technologies
• Process flows
• Operations of target firms
The above given processes are validated against the target firm.
The main aim is to identify and observe the best practices from one or more benchmark firms. By improving core processes, the overall business performance is improved.
Thus, the concept of process benchmarking and the company's business performance improvement by using process benchmarking are described.
Answer:
Determine the points to note while preparing a report to the management:
If Person X are preparing a report to the management of Firm A, It is more essential to note that dissimilar firms book dissimilar categories of costs differently.
Person X must ensure that, account of Firm A and Firm B for material costs in a persistent manner since that is a major component of cost of goods sold.
Conclusion:
If the management of firms focuses more on overall productivity ratios, the comparisons are most strong. Thus, the caveats relating to accounting practices for Firm A has been discussed.
Answer:
A benchmark is a recognition for any company for its excellent operational performance.
The Internet is immensely empowering communication.
Desktop computers are used to do research that used to involve initiating company libraries or spending time in public or school libraries can be performed in a few hours.
Most of the companies use their website to place their organizational information.
Informations given on the website contains financial data of the company.
Search engines like Gogle permits managers to analyze information on recent trends.
Thus, the grow popularity of the Internet gives a positive development for the future of benchmarking.
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