Benchmarking

BENCHMARKNG

Definition: Benchmarking is a new product development process is a structured way of comparing the practices of one companies so that the resultant information can be applied towards improvement.

EXPLANATION

Benchmarking is the practice of comparing business processes and performance metrics to industry bests and best practices from other companies. Dimensions typically measured are quality, time and cost. Benchmarking is used to measure performance using a specific indicator (cost per unit of measure, productivity per unit of measure, cycle time of x per unit of measure or defects per unit of measure) resulting in a metric of performance that is then compared to others.

Also referred to as "best practice benchmarking" or "process benchmarking", this process is used in management in which organizations evaluate various aspects of their processes in relation to best-practice companies' processes, usually within a peer group defined for the purposes of comparison. This then allows organizations to develop plans on how to make improvements or adapt specific best practices, usually with the aim of increasing some aspect of performance. Benchmarking may be a one-off event, but is often treated as a continuous process in which organizations continually seek to improve their practices.

In project management benchmarking can also support the selection, planning and delivery of projects. In the process of best practice benchmarking, management identifies the best firms in their industry, or in another industry where similar processes exist, and compares the results and processes of those studied (the "targets") to one's own results and processes. In this way, they learn how well the targets perform and, more importantly, the business processes that explain why these firms are successful.

COMPARISION

Hyundai Venue S plus 1.2 Petrol Maruthi Suzuki swift VXi AMT Maruthi Suzuki Dzire VX Maruthi Baleno Zeta AMT

Spectifications: Spectifications: Spectifications: Spectifications:

Mileage:17.52kmpl Mileage: 23.76kmpl Mileage:23.26kmpl Mileage: 22.94

Engine cc:1197cc Engine cc: 1197cc Engine cc:1197cc Engine cc:1197cc

Transmission:Manual Transmission:AMT Transmission:Manual Transmission:Automatic

Fuel type:petrol Fuel type:Petrol Fuel type:petrol Fuel type:petrol

BHP:82bhp@6000rpm BHP:89bhp@6000 BHP:89 bhp@6000rpm BHP:88.50bhp@6000rpm

Seati capaity:5 seater Seating capacity:5 seater Seating cpacity:5 seater Seating capacity:5 seater

price: 8.67lakh price:8.30lakh price:8.26lakh price:8.59lakh

CONCLUSION:

Maruthi Suzuki Swift VXi is the best choice because of it has better mileage and specificaton and compared to remaining it littel bit better in milleage and price is also better and friendly