Benchmarking

Benchmarking

Benchmarking in simple terms is a comparison of different aspects. In other words, 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.

It 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.

Its use is well-developed within the automotive industry ("automotive benchmarking"), where it is vital to design products that match precise user expectations, at minimal cost, by applying the best technologies available worldwide. Data is obtained by fully disassembling existing cars and their systems. Such analyses were initially carried out in-house by car makers and their suppliers. However, as these analyses are expensive, they are increasingly being outsourced to companies who specialize in this area. Outsourcing has enabled a drastic decrease in costs for each company (by cost sharing) and the development of efficient tools (standards, software).

There is no single benchmarking process that has been universally adopted. Methodologies have developed a 12-stage approach to benchmarking.

The 12 stage methodology consists of:

1. Select subject
2. Define the process
3. Identify potential partners
4. Identify data sources
5. Collect data and select all partners
6. Determine the gap
7. Establish process differences
8. Target future performance
9. Communicate
10. Adjust goal
11. Implement
12. Review and recalibrate

Comparison of Four Vehicles

Brand Name	Product Name	Type of car	Price	Horsepower	Drive	Average	Engine
KIA	Forte FE	Compact sedan	14500 CAD	147-201 hp	Four wheel drive	35-40 MPG	1.6-2.0 L 4 cylinder
Toyota	Rav4	Compact Crossover SUV	16000 CAD	203 hp	All wheel drive	29 -33 MPG	2.5 L 4 cylinder
Honda	Civic	Sedan	22000 CAD	306 hp	Front wheel drive	31-40 MPG	2.0 -1.5 L 4 cylinder
Hyundai	Elantra	Sedan	19000 CAD	147 hp	Front wheel drive	33-43 MPG	2.0 L 4 cylinder

Conclusion

As per the Comparison, I will suggest to go for the RAV4 Toyota

It has a five seat compact crossover SUV with average and horsepower optimum to the requirements of Mr. D.S. Pughazhendhii. It is also within budget and as per there likes a little heavy one too.