Discuss two reasons why an organization would be interested in benchmarking against the Malcolm Baldrige National Quality Award
What will be an ideal response?
The award sets standards to be used as baselines and benchmarks for total quality management in seven areas. The seven categories are leadership, strategic planning, customer and market focus, measurement, analysis and knowledge management, workforce focus, process management, and results. Knowing their performance in these seven areas can help an organization understand where their strengths and weaknesses lie. With this information, they can improve their competitiveness in the market.
Companies following the guidelines set out in the MBNQAC can improve their overall business performance. It is interesting to note that the Baldrige award winners, when their stock performance is reviewed, out-perform the stocks in the Standard and Poor's 500 Index by a ratio of about 3 to 1 . For more information about the Baldrige stock study, visit the following website: www.nist.gov/public_affairs/factsheet/stockstudy.htm.
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A. Freehand B. Poché C. Crosshatching
A(n) ____ refers to the way in which something is usually done.
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