Benchmarking Concept

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Benchmarking Concept


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Management Approaches 

Corporate citizenship, lean manufacturing, TQM, activity based management, benchmarking, and Goldratt’s Theory of Constrains are concepts used by many corporations to streamline operations, meet demands of stakeholders, and ultimately to improve profitability.


Use Internet to research at least one of the above concepts. How are these relevant to managerial accounting? Please be specific and provide an example or a corporate story as an illustration in your original posting.


Benchmarking Concept Student’s Name Institutional Affiliation Benchmarking Concept Managerial accounting is the process of identifying, measuring, analyzing, interpreting, and coming up with information for the success of an organization`s goals. It is also referred to as cost accounting. The main aim of managerial accounting is to help managers within the organization in decision making (Bain and Company, 2015). To streamline operations and generally improve the profitability of an organization, some concepts are employed. Benchmarking is one of the concepts used in managerial accounting (Khan, Halabi, & Sartorius, 2011). Basically, benchmarking entails managers comparing the performance of their products externally with those of competitors and best-in-class companies. To start with, benchmarking concept


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