What Benefits Might Management Expect to Gain from Benchmarking the "Best

question 27

Essay

What benefits might management expect to gain from benchmarking the "best practices" of those in other industries?

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Definitions:

Arbitrator

A neutral third party who is appointed to resolve a dispute between two or more parties by making a decision after considering all the relevant facts and arguments.

Negotiations

The process in which two or more parties with differing needs and goals discuss an issue to find a mutually acceptable agreement.

Alternative Dispute Resolution

A range of processes and techniques outside of the judicial system that are used to resolve conflicts or disputes between parties, including mediation and arbitration.

Mediation

A conflict resolution method involving a neutral third-party mediator who helps disputing parties reach a voluntary, mutually acceptable agreement.