There are several ways to benchmark. The two most common benchmarking tools are “performance benchmarking” and “best practice benchmarking.” Consider a nationwide bank that has contracted with a seller to assess its current staffing and facility locations. The goal of the contract is for the seller to produce a strategic plan that creates cost efficiencies for the bank by recommending (and implementing) areas to consolidate among staff and facilities. (One recommendation may be to close down a bank branch that is located within three miles of another bank branch.) This is a long-term contract stretched out over five years. If you were the Project Manager in the bank, what benchmarks would you compare your seller to? Are they performance benchmarks or best practices benchmarks?
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