Managing Quality

Business

Quiz 6 :

The Voice of the Market

Quiz 6 :

The Voice of the Market

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Describe the concept of process benchmarking. How does process benchmarking improve a company's overall business performance?
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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.

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For the firms in Problem, you have been asked to make a report to the management of Firm A. What are some of the caveats relating to accounting practices that you would include in the report? Which numbers should be interpreted cautiously? Problem A company has gathered the following financial information for itself and a competing firm. They wish to compare productivity for the two firms (all numbers in 000s). img a. Compute partial and total factor productivity measures for Firms A and B. b. What is the picture you get of the two firms? c. What would you suggest to the management of Firm B?
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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.

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Is the growing popularity of the Internet a positive development or a negative development for the future of benchmarking? Explain your answer
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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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What is a benchmark firm? Why is it good practice for a benchmark firm to open its doors and allow others to view its operations and tour its facilities?
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In the context of benchmarking, describe the distinction between an initiator firm and a target firm.
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Following is an announcement from a study from The Benchmarking Network, Inc. 5th Annual Shared Services Measures The Benchmarking Network and the Shared Services Benchmarking Association announced they will be kicking off the fifth Annual Shared Services Measures benchmarking study. Now is the time to join and become involved in setting the focus and direction of the study by attending the kickoff meeting. The study will review Shared Services Measures including research into: •Accounting; • Finance and Treasury;Ê • Human Resources; • Information Technology; • Procurement and Supply Chain; • Legal; • Regulatory; • Auditing; • Corporate Communications/External Affairs; • Facilities, Real Estate, Security; • Environmental; • Fleet; and • Other Shared Services Measures. Put yourself in the place of the Benchmarking Network researchers. How would you design this study? What would you have to consider in undertaking such a study?
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When benchmarking, what is the primary hazard in comparing measures across companies to gauge performance differences?
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Using the data from Problem, suppose you are a computer company that spends 9% on marketing staff, 6% on manufacturing engineering, and 8% on supply chain staff. Comparing your expenditures with the above averages, what would you recommend to management? What more information would you want? Problem img Above are industry comparisons of the percentage of sales spent on salaries for marketing employees, manufacturing engineering employees, and supply chain employees for several different industries. Rank these industries by the amount spent in each of the areas and report your findings to management. What can you infer from your findings about each of the industries?
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Choose a company in your local area. Develop a list of five companies among the best in class in their industry and the best of the best. Explain how you chose the benchmarking targets you chose. Identify a list of 20 benchmarking questions. What kind of data would you select? How would you contact the target firms?
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How do a firm's key business factors help direct its benchmarking program?
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Describe the concept of benchmarking. Provide an example of how a restaurant you are familiar with could use benchmarking to improve its performance.
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What are the pros and cons of becoming a benchmark firm? If you were the manager of a highly successful company, would you want other companies benchmarking against your firm? Why or why not?
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img Above are industry comparisons of the percentage of sales spent on salaries for marketing employees, manufacturing engineering employees, and supply chain employees for several different industries. Rank these industries by the amount spent in each of the areas and report your findings to management. What can you infer from your findings about each of the industries?
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Suppose that the chancellor of Bedford College asks you to infer meaning from the data in Problem 8. Put together a report for the chancellor that explains how Bedford is performing relative to the other schools.
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Describe how benchmarking can be used by a firm to validate externally the value of its present business practices.
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Compare and contrast process benchmarking, product benchmarking, and strategic benchmarking.
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The following table shows enrollment data from several British universities. img Compare the data from these schools and present them in a way that is useful for the administrators in these schools.
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A domestic company operating a subsidiary in an LDC (less-developed country) has shown the following financial results img a. Calculate partial labor and capital productivity numbers for the parent and subsidiary. Interpret the results b. Compute total factor productivity figures. Does your interpretation change? c. If $1 = 10 FC units, calculate materials productivity figures. Explain your finding.
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A company has gathered the following financial information for itself and a competing firm. They wish to compare productivity for the two firms (all numbers in 000s). img a. Compute partial and total factor productivity measures for Firms A and B. b. What is the picture you get of the two firms? c. What would you suggest to the management of Firm B?
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For the data in Problem, suppose Firm B is a foreign firm. What additional caveats would you place on interpretation of the data? Problem A company has gathered the following financial information for itself and a competing firm. They wish to compare productivity for the two firms (all numbers in 000s). img a. Compute partial and total factor productivity measures for Firms A and B. b. What is the picture you get of the two firms? c. What would you suggest to the management of Firm B?
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