Benchmarking Assignment Example | Topics and Well Written Essays - 3500 words

Benchmarking - Assignment Example The intention of this study is benchmarking as an improvement process which is mainly used to discover as well as incorporate the best practices in operation. It is the most preferred process which understands and identifies the elements of world class performance in work process. There are four processes in benchmarking which includes planning, analysis, action and review. There are three different types of benchmarking which includes internal, external and best practice. About 70% of the fortune 500 companies goes for benchmarking companies like Ford Motor Company had benchmarked its function of account payable against Mazda Motor. Studies have shown that top management usually does not support the benchmarking. Mangers should not be discouraged from the process of benchmarking. It provides managers to know their goals through the data. According to Betts, there are people who perceive that their individual performance is better than actually it is which is also termed as the Lake Wobegon effect. Betts have conducted a research to seek if these phenomena are also present when the employees are asked to give their views on the performance of the organization. Overestimation of performance is common in organization as well as in individuals. Individuals rate themselves better than they actually are projected with the help of an example. Around 87% of MBA students at Stanford rate their performance to be at top in comparison with their peers, about 90% of the students believed that were above average and only 10% thought they were below average. Similar is with organizations. Thus benchmarking is important in order to escape from the Lake Wobegon effect as the consequences of this performance may not result to be effective for organizations or mangers. According to Alfred North Whitehead, it is not ignorance but ignorance of ignorance which leads to the death of knowledge. The performers who are below the average and are ignorant of the fact that they are poorer performer usually are not motivated to improve (Betts, Croom & Lu, 2011, p.734). Lake Wobegon effect or benchmarking revolves around perverse dynamic. The mangers believe that they are above average performers. But in reality not all mangers are above average neither does all of them deserve to get a performance bonus. Therefore establishing an appropriate peer group and benchmarking is the only option to establish a competitive edge over the competitors (Lipman & Hall, 2008, p.33). Therefore it has been proved that overestimation of performance is common in organizations and individuals. As per a survey conducted by Betts, it has been proved that overestimation of performance is common as 75 % of the employees reported above average performance, 20 of them reported average performance and only about 5% reported to be below average performance. The people are bad at understanding the average performance basically when they are to evaluate the performance of organization in which th ey work. Therefore the consequence of over estimating is likely to bring about a change and so a greater effort should be put on benchmarking performance and also in spreading awareness in respect to benchmarked to the organization (Betts, Croom & Lu, 2011, p.740). Thus creating a need for change is must in the organization but as seen the management decision of benchmarking usually creates a resistance in the employees. Change is an important aspect and should be done on regular intervals. Manager’s use benchmarking to compare the performance of employees on some given dimension in comparison with other organizations performance so that it can be decided how successful the change has been. For example, when Xerox was

Economy through US History Essay Example | Topics and Well Written Essays - 1250 words

Economy through US History - Essay Example In fact, in such economies the country’s economic activities depend entirely on the decisions made by the government. For market economies, the supply and demand curves determine the shape that markets will take. Analysts that advocate for market economies argue that market economies are the best for thriving of successful economies. Market economies also work on the assumption that the government does not contribute to well being of the common citizen. It is the responsibility of the citizens to fix prices for their goods, subsidize industries, as well as authorize quotas. Though majority of the countries are characterized by mixed economies, it is evident that citizens have always advocated for a chance to regulate their own economies. In as much, market economies are considered the best in the global world, debates keep raging on how much the government has to do in order to have well-organized economic operations. Over the years, Americans have been on toes in an attempt t o attain a balance between government regulation of the economy and the individuals to make their own economic decisions. This essay shall trace the events and measures that took shape in America to the point whereby individuals were able to make their own economic decisions. In the primordial years, American history was characterized by less involvement of the government in business sectors, especially the private sector. The transportation sector is one of the major economic sectors that did not enjoy less government intervention. This phase of the economy was referred to as the laissez faire phase. Kuttner (220) argues that laissez faire traces its roots to the 18th century, a move that strongly resisted intervention of the government in businesses. This phase worked on the assumption of ‘let it be’, with championing of proper wages and duties for workers. At this time, it was generally accepted that the government had no role to play in restrictions on trade. The go vernment’s role was to ensure that regulations and rules were maintained in the business environment. By 19th century, the notion of laissez faire began transforming. This phase was characterized by small entrepreneurs’ business owners seeking for government interventions in their businesses. As time progressed, majority of these business owners, labor unions and firms were in a dire need for government representation. This move came up as a result of rising rate of uncertainties by the business owners on the movements that were supposedly out for their aid. Kuttner (101) argues that it is at this point that this group of progressives needed support by the government, in terms of business regulation, for free and fair markets. By 1930, the advent of the New Deal was taking shape in America. This phase was characterized by government intervention in the market economies. It was due to public demand that the government had to take control of its business sector, lest a n ew form of rule take over the entire system. It was during this stage that the state was going through massive economic disruptions and destructions that led to the need for immediate action to alleviate the crisis. The state was experiencing what was to be termed as the Great Depression. Murray (76) argues that, at this time the economic state of America was totally dislocated