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4.1 Discussion: Benchmarking
1.
All businesses are continuously searching for processes and quality improvements that will eventually lead them to achieve a superior level of performance in their activity (Ghete, 2014). Regarding goal setting, industry standards can help businesses set realistic and achievable goals. Goals should be clearly defined, have completion timelines, and be achievable. Benchmarking is a data-driven approach to setting standards for how you work. It helps you choose standards based on data, ensuring that your work standards are targeted and focused on things that have the most significant impact. Benchmarking also shows employees the rationale for workplace expectations and goals. 2.
When setting performance goals, it is crucial to consider various types of information that can help you achieve your objectives. Here are some examples of the types of information that can be helpful:
Clarity on the company’s vision, mission, values, principles, strategies, and goals
: This can help you align your performance goals with the overall business objectives.
Employee feedback
: Gathering employee feedback can help you identify areas for improvement and set realistic and achievable goals.
Benchmarking: Benchmarking can help you identify best practices and improve performance. Xerox is a success story that implemented competitive benchmarking in the mid-1970s and experienced a complete revival (Ghete, 2014)
.
Performance metrics
: Performance metrics can help you measure progress toward your goals and identify areas for improvement.
Training and development opportunities
: Providing training and development opportunities can help employees acquire new skills and knowledge that can help them achieve their performance
goals. 3.
Benchmarking compares your company’s performance with other companies in the same industry. It can help you identify areas for improvement and set realistic and achievable goals. Here are some reasons why industry benchmarking is essential:
Identify best practices: Benchmarking can help you identify best practices and improve your performance. By analyzing your competitors and comparing your processes and offerings to theirs, you will be better able to keep up with industry trends and meet the demands of the modern market.
Continuous improvement: The goal of benchmarking is continuous improvement, something all businesses should aim for. Comparing your business to others can help you generate ideas that you can adopt to get ahead.
Stay competitive
: Benchmarking can help you stay competitive by identifying areas where you can improve your performance and reduce costs.
Set realistic goals: Benchmarking can help you set achievable goals. By comparing your performance with other companies in the same industry, you can identify areas where you need to improve and set challenging but realistic goals. Improve customer satisfaction
: Benchmarking can help you improve customer satisfaction by
Identify areas where you can improve your products or services.
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Related Questions
SHORT ANSWER
If you were a business owner, which of these goals might you be able to accomplish using the framework of Theory Z or Theories X and Y? Could you use Theory Z to work on one goal and use Theories X and Y to work on another goal, thereby accomplishing two goals with these theories by using a different approach on each of the two goals?
Goal 1: Improve quality of a product or service.
Goal 2: Improve employee collaboration.
Goal 3: Foster decision making skills in the workforce.
Goal 4: Develop and maintain a successful workforce in a global environment.
Goal 5: Develop strong leadership in the work place.
Goal 6: Foster adherence to organizational values, ethics, and professional responsibility.
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Ethical dilemma problem 1: Joni is a financial planner for ABC firm. She provided all of her clients with the same products. She felt this was OK since she had thoroughly researched them years ago and found them to be excellent. By concentrating her recommendations with a few firms, she was able to receive commission bonuses. She never discussed their goals and characteristics with her clients unless they brought them up. Explain her violations of SEC and CFP regulations. Indicate what should be done.
arrow_forward
misrepresentation, misuse of data, and value and goal conflict may concern an OD practitioner. Provide some examples of each of these listed concerns or other ethical issues an OD practitioner may face. How can an OD practitioner address those issues?
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Strategic
Focus
Discipline
AnalyticalRestorative
Choose an initial goal:1. Is this goal action-oriented or outcome-oriented? Identify either or both.2. Is your goal S.M.A.R.T.? Add details to help you succeed.Specific:Measurable:Achievable:Realistic:Time-bound:
List the top five strengths and then describe how each one will be used to achieve a goal
Choose a new goal to set
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5. Business Feasibility
Analysis of the demand (include highlights of the findings of the market feasibility study), risk (include business and market risks), environmental impact.
6. Justification of the Business
Economic, social and personal benefits.
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At the beginning of a fiscal year, your organization established several goals. As part of these goals, you have been tasked with replacing the wired Ethernet network with a wireless network. It has been estimated that this process will take 18 months. Of which type of goal is this an example? (30-50-word explanation)
A) Operational goal
B) Strategic goal
C) Mid-term goal
D) Tactical goal
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Discuss the basic features of the Balanced Scorecard.3 - Explainhow the Balanced Scorecard links measures to strategy.
At the end of 20x1, Mejorar Company implemented a low-coststrategy to improve its competitive position. Its objective wasto become the low-cost producer in its industry. A Balanced Scorecard was developed to guide the company toward this objective. Tolower costs, Mejorar undertook a number of improvement activities such asJIT production, total quality management, and activity-based management.Now, after two years of operation, the president of Mejorar wants someassessment of the achievements. To help provide this assessment, thefollowing information on one product has been gathered:
1. Express Mejorar's strategy as a series of if-then statements. What doesthis tell you about Balanced Scorecard measures?2. Prepare a strategy map that illustrates the relationships among the likelystrategic objectives.
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SCALE FOR A+Points Range: 37.8 – 42Thoroughly developed an argument supporting the importance of a strategic plan for the success of the defined business.Points Range: 50.4 – 56Thoroughly created a mission statement for the company explaining how the mission will be essential to the companyâs success.Points Range: 50.4 – 56Thoroughly created a vision statement for the company explaining how the vision statement supports the companyâs mission.Points Range: 37.8 – 42Thoroughly established five (5) key objectives for the company encompassing operational, financial, and human resource aspects of the business; thoroughly justified why each of these objectives is essential to the success of the business.Points Range: 37.8 – 42Thoroughly justified how the five (5) key objectives established support the mission and vision statements of the company as defined in the assignment.Points Range: 12.6 – 14Exceeds number of required…
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Recommend how you will monitor and control the cost focus strategy in Langston Roach Industries, Trinidad and Tobago. This can include financial control and other forms of control like performance reviews, budget analysis and reporting, etc. A complete answer will give insight on the cost focus stretgy, a definition of strategic control and how they plan to move foward with monitoring and controlling this strategy in the business.
arrow_forward
Recommend how you will monitor and control the cost focus strategy in Langston Roach Industries, Trinidad and Tobago. This can include performance reviews, budget analysis and reporting, etc. A complete answer will give insight on the cost focus stretgy, a definition of strategic control and how they plan to move foward with monitoring and controlling this strategy in the business.
arrow_forward
Base on this information that is giving below. I need help with a conclusion and ciiation WITHIN APA Guidelines base on the information
U.S. Department of Health and Human Services and U.S. Department of Justice. (2023). Health Care Fraud and Abuse Control Program Annual Report for Fiscal Year 2022.
Summary of the Incident and Specific Fraud
In 2022, healthcare fraud cases involved significant fraudulent activities including billing for services not provided, unnecessary medical procedures, and falsified patient records. For instance, a South Florida clinic owner submitted over $40 million in false claims to insurance companies for services never rendered, using proceeds to buy luxury items. Another notable case involved MorseLife Health System in Florida, which misused COVID-19 vaccination programs for financial gain by vaccinating ineligible individuals and soliciting donations.
Laws Broken and Regulatory Bodies Responsible
Laws Broken:
False Claims Act (FCA)…
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i need help making a SITUATION ANALYSIS including:2.1 Market Summary2.1.1 Market Demographics2.1.2 Market Needs2.1.3 Market Trends2.1.4 Market Growth2.2 SWOT Analysis2.2.1 Strengths2.2.2 Weaknesses2.2.3 Opportunities2.2.4 Threats2.3 Competition2.4 Product Offering2.5 Keys to Success2.6 Critical Issues
My product:
Product Description:The Full Pumice Stone Shower Mat is a demonstration of inventiveness and style. Made totally out of regular pumice stones, it conveys a double reason usefulness, filling in as both an exfoliator and a massager. As you step onto the mat, the pumice stones carefully peel your feet, successfully eliminating dead skin cells and improving blood circulation. The non-slip backing guarantees wellbeing, giving a protected balance even in wet conditions. Express farewell to untidy and awkward pumice stone schedules; our shower mat flawlessly incorporates this peeling system into your everyday shower routine, offering an issue-free and empowering experience.
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What does a goal-driven action plan take into account?
a. Customers want to pay less.
b. Competitors want to steal your customers.
c. Suppliers want you to pay more.
d. All of these
QUESTION 46
The Chief Marketing Officer (CMO) has looked at a draft of your plan for the launch of a new product. While generally satisfied, she says, “You’ve shown good strong reasons for new customers to buy our new product, but we can’t consider this plan in a vacuum.” You need more detailed analysis and planning on which element of the micro-environment to address her specific concerns?
a. Intermediaries
b. Company
c. Competitors
d. Customers
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Which is a better planning tool: benchmarking or forecasting? Support your answer.
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Is there any relationship between the four functions of management? Explain your answer.
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1. The Importance of Planning:
000
Planning is a fundamental aspect of achieving goals and objectives. Whether in personal endeavors or professional projects, a well-thought-out plan provides a roadmap for success. It helps in organizing tasks, allocating resources efficiently, and anticipating potential challenges. Without a solid plan, individuals and organizations may find themselves navigating through uncertainty and facing unnecessary hurdles
2. Strategic Planning in Business:
In the business world, strategic planning plays a pivotal role in shaping the future of an organization. It involves setting clear goals, identifying key performance indicators, and formulating strategies to achieve them. A well-crafted business plan not only guides day- to-day operations but also facilitates adaptability in a dynamic market. How do successful businesses strike a balance between detailed planning and the need for flexibility in today's fast-paced environment?
3. Personal Planning…
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15
Though goal setting is usually viewed as a positive process, there can be downsides if
a)
employees lack skills necessary to reach the goals.
b)
employees can adapt their behaviors in response to unplanned threats.
c)
rewards are established for coming close to, as well as achieving a goal.
d)
goals also account for meeting quality standards.
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Please original work
How can an organization use BI to develop key performance indicators for competitive corporate performance?
How should those key performance indicators be displayed?
Please in text cite references.
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SWOT Analysis
The following SWOT analysis captures the key strengths and weaknesses within the company, and describes the opportunities and threats facing Bounce Fitness.
Strengths are results-oriented approach to attracting and maintaining customers. A well researched, detailed health wellness program with along term focus and Intensively trained staff.
Weaknesses are high costs associated with customized, personal service. The inability to work on a high volume business model and Significant costs involved in attracting a large corporate client.
Opportunities are the potential to expand within a growing market. A large increase in clients if a single corporate company takes up the Bounce Fitness Program and the ability to leverage future quantitative analysis that supports the contention that long term wellness programs have a significant, positive impact on the company’s bottom line.
Threats are a lack of immunity to an economic downturn. Potential competition from larger, well…
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b. I n what multifaceted ways can the implementation of Management by Objectives (MBO) serve as a robust mechanism to not only establish and monitor organizational goals but also mitigate the risk of goal displacement, ensuring alignment with the overarching strategic vision and sustained performance excellence?
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The XYZ's board initiated the strategic plan
in 1998 in response to the challenges that
were anticipated over the next 10 years.
What ensued was a collaborative effort
involving the board, management, staff,
outside consultants, and external
stakeholders. A core team of
representatives from all levels of the agency
was used to oversee the process. In
addition to the core team, a number of
other teams were formed to assist with the
effort.Conversations between team leaders
and team members to achieve goal
alignment is sometimes called: *
O Stretch goals
SMART
Smart conversation
O Management by Objectives
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Anne Hathawayy is a data analyst at a marketing company who is responsible for providing support to the reporting functions of an internal management support system. Which of the following is not true regarding designing a management support system?
-Do not be consistent with reports and visualizations
-Clearly define objectives
-Make it fast
-Identify what upper management needs
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Balanced Scorecard
Maloney Corporation manufactures plastic water bottles. It plans to grow by producing high-quality water bottles at a low cost that are delivered in a timely manner. There are a number of other manufacturers who produce similar water bottles. Maloney believes that continuously improving its manufacturing processes and having satisfied employees are critical to implementing its strategy.
Required:
a. Please create a vision and mission for Maloneys that makes sense for them .
b. Please identify, clearly and in your own words, what the Balanced Scorecard measures and its four perspectives .
c. Please identify 3 key performance measure (applicable to Maloney Corporation), as well as their corresponding measures and targets, for each balanced scorecard perspective.
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Discussion
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Given all the data and information identified, what type of analysis did you complete (i.e., quantitative/financial models used, etc.)?
The case study focuses on Mr. Hans Overmayer, the marketing vice president of Motofabrikverk S.A.'s Industrial Controls Division in Zurich, Switzerland, in 1983. The company was losing money in the numerical control market because of a drop in global demand for machine tools induced by the recession and fierce competition. Background information on the company, its products, research and manufacturing, and the numerical control industry is provided in the case study. Based on the information provided, Moto appears to be a company that specializes in the production and selling of numerical controls (NCs), which are computerized devices that steer machine tools. The company entered the NC sector in 1962 and by 1983 was the third-largest commercial provider of NCs in Europe.
However, Moto's Industrial Controls Division (ICD), which oversees the NC…
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PLz do correctly plz
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2. Case Studies
2.1. Business Strategies: Why dis Kodak Fail? What happened to a great company?
Do some research on competitive forces and driving forces that are at work or relevant to the mentioned
companies/industry Draw five-forces diagram and briefly discuss the nature and strength of each of the
competitive forces. Make a list of the driving forces in the industry and draw some conclusions about
whether the likely impact of these driving forces on these companies were favorable or unfavorable.
Give your insights.
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With reference to SCM, through outsourcing an organization can achieve 1) Higher returns on assets. 2) Obtain expertise. 3) Improve effectiveness.
a.
1, 2 and 3 are correct
b.
2 and 3 are correct
c.
1 and 2 are correct
d.
1 and 3 are correct
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CASE STUDY
You are working for Jack 'n Jill & Assistant Brand and Product Manager. Recently, you got promoted from assistant manager to manager level. Together with the promotion is a new assignment to head the new brand and product line called Jack, Jill, and the Beanstalk. This new brand is intended to provide ready-to-eat snacks and ready-to-drink beverages to consumers who are health- conscious and fitness-oriented as wel as those who prefer plant- based food. As Brand and Product Manager, you need to create the entire product line with the Specific products and respective marketing mix strategies.
REQUIRED:
• INTRODUCTION
• PROBLEM ANALYSIS
• PROPOSED SOLUTION
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Credential: Strategy Planning Professional (SPP)
Explore the purpose, requirements, and career benefits of the credential.
Purpose
What knowledge, skills, or expertise does it help recognize?
What fields or industries is it relevant to?
How widely known or recognized is it?
Requirements
What is the financial cost for the credential?
What is an estimate of the time required to earn it?
What evidence needs to be provided to earn it, such as a portfolio, paperwork, exams, work experience, and so on?
Does the credential require renewal, and if so, how does one renew the credential?
Career Benefits
How might the credential impact a job application, or the types of jobs a person could reasonably apply to?
How might the credential impact pay or expected salary for a new role?
What specialized knowledge or skills would a person gain from earning the credential, and how might they benefit the organization?
Is the credential required or preferred for regulatory requirements your…
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The aim behind a balanced scorecard is to provide a comprehensive framework for translating acompany’s strategic objectives into a coherent set of performance measures. It allows managers tolook at the business from four (4) different perspectives.RequiredState and briefly explain the four different perspectives of the balance score card
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SWOT, Strengths, Weaknesses, Opportunities, Threats.
1. Produce a new business idea.
2. Conduct a SWOT analysis for the new business idea developed
3. Identify a minimum of 5 items for each component in the SWOT analysis.
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Identify the measure of performance described. When a coach tells her players at the end of losing a game, “You really played well and stayed in the game plan,” she is using what measure of performance?
When a coach tells her players at the end of losing a game, “Try to put top-spin on the ball,” she is using what measure of performance?
Application of processes, methods, skills, expertise, and experience to accomplish specific goals within agreed-upon parameters using processes, methods, skills, knowledge, and experience.
Method of maintaining the appropriate number of parts and goods in storage in order to prevent shortages, overstocks, and other costly issues.
Process of ensuring reporting accuracy, preventing fraud, and safeguarding the organization's physical and intangible assets.
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- SHORT ANSWER If you were a business owner, which of these goals might you be able to accomplish using the framework of Theory Z or Theories X and Y? Could you use Theory Z to work on one goal and use Theories X and Y to work on another goal, thereby accomplishing two goals with these theories by using a different approach on each of the two goals? Goal 1: Improve quality of a product or service. Goal 2: Improve employee collaboration. Goal 3: Foster decision making skills in the workforce. Goal 4: Develop and maintain a successful workforce in a global environment. Goal 5: Develop strong leadership in the work place. Goal 6: Foster adherence to organizational values, ethics, and professional responsibility.arrow_forwardEthical dilemma problem 1: Joni is a financial planner for ABC firm. She provided all of her clients with the same products. She felt this was OK since she had thoroughly researched them years ago and found them to be excellent. By concentrating her recommendations with a few firms, she was able to receive commission bonuses. She never discussed their goals and characteristics with her clients unless they brought them up. Explain her violations of SEC and CFP regulations. Indicate what should be done.arrow_forwardmisrepresentation, misuse of data, and value and goal conflict may concern an OD practitioner. Provide some examples of each of these listed concerns or other ethical issues an OD practitioner may face. How can an OD practitioner address those issues?arrow_forward
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- Discuss the basic features of the Balanced Scorecard.3 - Explainhow the Balanced Scorecard links measures to strategy. At the end of 20x1, Mejorar Company implemented a low-coststrategy to improve its competitive position. Its objective wasto become the low-cost producer in its industry. A Balanced Scorecard was developed to guide the company toward this objective. Tolower costs, Mejorar undertook a number of improvement activities such asJIT production, total quality management, and activity-based management.Now, after two years of operation, the president of Mejorar wants someassessment of the achievements. To help provide this assessment, thefollowing information on one product has been gathered: 1. Express Mejorar's strategy as a series of if-then statements. What doesthis tell you about Balanced Scorecard measures?2. Prepare a strategy map that illustrates the relationships among the likelystrategic objectives.arrow_forwardSCALE FOR A+Points Range: 37.8 – 42Thoroughly developed an argument supporting the importance of a strategic plan for the success of the defined business.Points Range: 50.4 – 56Thoroughly created a mission statement for the company explaining how the mission will be essential to the companyâs success.Points Range: 50.4 – 56Thoroughly created a vision statement for the company explaining how the vision statement supports the companyâs mission.Points Range: 37.8 – 42Thoroughly established five (5) key objectives for the company encompassing operational, financial, and human resource aspects of the business; thoroughly justified why each of these objectives is essential to the success of the business.Points Range: 37.8 – 42Thoroughly justified how the five (5) key objectives established support the mission and vision statements of the company as defined in the assignment.Points Range: 12.6 – 14Exceeds number of required…arrow_forwardRecommend how you will monitor and control the cost focus strategy in Langston Roach Industries, Trinidad and Tobago. This can include financial control and other forms of control like performance reviews, budget analysis and reporting, etc. A complete answer will give insight on the cost focus stretgy, a definition of strategic control and how they plan to move foward with monitoring and controlling this strategy in the business.arrow_forward
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