Please explain steps taken in order to find solution. Thanks in advance! **Benchmarking Analysis for Company X****Objective:** Perform benchmarking for Company X and recommend remedy options (Methodology, Tools, Techniques) to improve performance.---**Key Process Area**1. **Employee Development** - Industry Average: 450 - Company X: 260 - **Difference:** -190 - **Remedy Options:** (To be provided)2. **Materials** - Industry Average: 31,000 - Company X: 30,000 - **Difference:** -1,000 - **Remedy Options:** (To be provided)3. **Warehousing** - Industry Average: 975 - Company X: 3,000 - **Difference:** +2,025 - **Remedy Options:** (To be provided)4. **Material Control** - Industry Average: 180 - Company X: 3,500 - **Difference:** +3,320 - **Remedy Options:** (To be provided)5. **Materials Preparation** - Industry Average: 450 - Company X: 550 - **Difference:** +100 - **Remedy Options:** (To be provided)6. **Production Control** - Industry Average: 725 - Company X: 3,800 - **Difference:** +3,075 - **Remedy Options:** (To be provided)7. **Assembly** - Industry Average: 10,000 - Company X: 11,100 - **Difference:** +1,100 - **Remedy Options:** (To be provided)8. **Integration & Test** - Industry Average: 1,200 - Company X: 2,250 - **Difference:** +1,050 - **Remedy Options:** (To be provided)9. **Incoming Inspection** - Industry Average: 75 - Company X: 275 - **Difference:** +200 - **Remedy Options:** (To be provided)10. **In-Process Inspection** - Industry Average: 200 - Company X: 500 - **Difference:** +300 - **Remedy Options:** (To be provided)11. **Supplier Auditing** - Industry Average

Benchmarking is the method of measuring essential business metrics and methods and matching them…

Q3 - Perform benchmarking for Company X and provide remedy options (Methodology, Tools, Techniques) to improve Company X performance? Industry Average Key Process Area Company Difference Remedy options 260 Employee development Materials Warehousing Material control 450 31,000 975 180 30,000 3,000 3,500 550 Materials 85 preparation Production control 725 10,000 3,060 75 3,800 11,100 2,050 275 Assembly Integration & test Incoming inspection In-process inspection Supplier auditing Internal auditing Answer: 200 500 1,250 2,800 150 200

Q3 - Perform benchmarking for Company X and provide remedy options (Methodology, Tools, Techniques) to improve Company X performance? Industry Average Key Process Area Company Difference Remedy options 260 Employee development Materials Warehousing Material control 450 31,000 975 180 30,000 3,000 3,500 550 Materials 85 preparation Production control 725 10,000 3,060 75 3,800 11,100 2,050 275 Assembly Integration & test Incoming inspection In-process inspection Supplier auditing Internal auditing Answer: 200 500 1,250 2,800 150 200

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

Section: Chapter Questions

Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...

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Question

Please explain steps taken in order to find solution. Thanks in advance!

**Benchmarking Analysis for Company X**

**Objective:** Perform benchmarking for Company X and recommend remedy options (Methodology, Tools, Techniques) to improve performance.

---

**Key Process Area**

1. **Employee Development**
- Industry Average: 450
- Company X: 260
- **Difference:** -190
- **Remedy Options:** (To be provided)

2. **Materials**
- Industry Average: 31,000
- Company X: 30,000
- **Difference:** -1,000
- **Remedy Options:** (To be provided)

3. **Warehousing**
- Industry Average: 975
- Company X: 3,000
- **Difference:** +2,025
- **Remedy Options:** (To be provided)

4. **Material Control**
- Industry Average: 180
- Company X: 3,500
- **Difference:** +3,320
- **Remedy Options:** (To be provided)

5. **Materials Preparation**
- Industry Average: 450
- Company X: 550
- **Difference:** +100
- **Remedy Options:** (To be provided)

6. **Production Control**
- Industry Average: 725
- Company X: 3,800
- **Difference:** +3,075
- **Remedy Options:** (To be provided)

7. **Assembly**
- Industry Average: 10,000
- Company X: 11,100
- **Difference:** +1,100
- **Remedy Options:** (To be provided)

8. **Integration & Test**
- Industry Average: 1,200
- Company X: 2,250
- **Difference:** +1,050
- **Remedy Options:** (To be provided)

9. **Incoming Inspection**
- Industry Average: 75
- Company X: 275
- **Difference:** +200
- **Remedy Options:** (To be provided)

10. **In-Process Inspection**
- Industry Average: 200
- Company X: 500
- **Difference:** +300
- **Remedy Options:** (To be provided)

11. **Supplier Auditing**
- Industry Average

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