The Concept of Benchmarking - Report Writing - Accounting and Finance Assignment Help

Assignment Task:

Glamour GlassPty Ltd manufactures glass kitchenware at its Campbelltown factory its manufacturing equipment includeslargemachinery that was purchased 15years ago. Glamour Glass usessmall production runs and although the machinery is old, it is reliable 

The company’s products are much sought after by specialty gift stores and up market department production stores such as David Jones. It also sells its products to Saks of Fifth Avenue, in New York. While Glamour Glass has many products,  among the most popular is the Punch salad bowl and servers, which competes  very favorably with the latest Italian salad bowls. 

Glamour Glass has just begun its first benchmarking activity. It has subscribed to an international benchmarking group that provides benchmarking data specifically tailored to different industries. The benchmarking data relating to the glass industry that is supplied by the agency includes product cost per kilogram of finished product , cycle time , reject rate, and direct labour and raw material costs per kilogram of product . The manufacturing manager, Paul Griswald, suspects that the benchmark data must relate to the famous Speedy Glass, renowned as the world’s best glass manufacturer. Speedy Glass mass-produces glass kitchenware products using high-speed computer controlled machinery 

The management accountant of Glamour Glass, Brian Hill, has prepareda report comparing tile performance of Glamour Glass with the benchmark data. 

Griswald is concerned about the size of some of the performance gaps between Glamour Glass' measures and best practice, and has asked Hill to investigate

Required: 

1. Explain the concept of benchmarking and how it can be used to help a business Improve its performance. 

2. Should Griswald be concerned about the size of the performance gaps? In your answer, consider each performance measure separately. 

3. Assuming that the benchmarking data relatesto Speedy Glass, will it provide suitable benchmarks for Glamour Glass? If not, can you suggest what types of data may be more suitable?

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