2. A. How do companies use benchmarking to make important decision? B. Describe takt time as a tool...

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Accounting

2.
A. How do companies use benchmarking to make importantdecision?
B. Describe takt time as a tool to implement leanproduction efficinecy?

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2 A BenchmarkingBenchmarking is a process by which a company compares its ownpractices to those of another company usually a leading company inthe same industry By finding out what a successful competitor doesdifferently the company can pinpoint areas that need improvementin its own policies or processes The company can then decide whatchanges need to be madeThe Benchmarking ProcessThe benchmarking process has five steps First the companydecides on a list of processes to benchmark These should always bethe companys most important processes as measured by volume ofbusiness expense or potential profitability Next the companyshould collect information on how other companies handle the sameprocesses Third the See Answer

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