Businesses are continuously comparing themselves to other businesses within their industry. For example, hotels will compare nightly vacancy rates with other hotels in their area to see where they rank against the competition and to track overall travel trends.
What other examples can you find of businesses benchmarking their organization against others in the industry? What measurements are used?
Is benchmarking a useful practice for performance management? Why or why not? Support your conclusions and cite any sources used.
With all of the data collected from the performance management process, how can you ensure that you are correctly interpreting the data and drawing accurate conclusions?
