Innovation

Concept Briefing:

Innovation may be defined as the process of making improvements by introducing something new which must be substantially different, not an insignificant change. In economics the change must increase value, customer value, or producer value. Innovations are intended to make someone better off, and the succession of many innovations grows the whole economy.

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Continue reading 21.03.2007. 22:20

Benchmarking

Concept Briefing:

"Best practice benchmarking" or "process benchmarking" or simple "benchmarking" is a process used in strategic management, in which organizations evaluate various aspects of their processes in relation to best practice, usually within their own sector. This then allows organizations to develop plans on how to adopt such best practice, usually with the aim of increasing some aspect of performance. Benchmarking may be a one-off event, but is often treated as a continuous process in which organizations continually seek to challenge their practices.

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Continue reading 25.01.2007. 07:07

Best Practice

Concept Briefing:

Best practice is the process of developing and following a standard way of doing things that is more effective at delivering a particular outcome than any other ways and which multiple organisations can adopt and utilise. Best practice may involve technique, method, process, activity, incentive or reward, etc.

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Continue reading 25.01.2007. 07:02