APM - Ch. 3 Benchmarking & Best Practices

Ch. 3 Flashcards

Benchmarking

The continuous process of measuring an organization's products, services, and practices against similar or competing organizations, or high-performance organizations.

High Performance Organization

An organization that quickly responds to market demands by producing a superior product, satisfies both customers and employees, and is reasonably profitable.

Continuous Improvement Process

A formal process used to integrate ongoing improvements across departments, typically involving identifying and defining problems, evaluating solutions, and monitoring results.

Key Performance Indicators (KPIs)

Quantifiable measurements used to evaluate the success of an organization in meeting its operational goals.

Best Practices

Established techniques or methodologies recognized as the most effective in achieving a desired outcome.

Performance Gap

The difference between current performance levels and desired performance levels identified through benchmarking.

Policy

An established rule or guideline that provides direction for decisions and actions within an organization.

Procedure

A specified set of steps to perform a particular task or process within an organization.

Strategic Management

A formal planning process that allows an organization to be proactive rather than reactive to changing environments.

Documentation in Benchmarking

The act of recording current policies and procedures before starting a benchmarking process to allow for comparison.

Implementation Action Plan

A detailed strategy outlining the actions needed to put benchmarking recommendations into practice.