Introduction to Benchmarking in Farming
Introduction to Benchmarking
OVERVIEW
Welcome to Benchmarking in farming. This resource will take you through lessons in farm business analysis using benchmarking by Dr. David Kahan Farm Management Extension Guide. You will be introduced to the main concepts of benchmarking, definition of benchmarking and different approaches to benchmarking.
SUBJECT AND KEY TERMS
Benchmarking, Farm Business Analysis,Benchmarking, Profit, Profitability, Efficiency, Informal and Formal Benchmarking, External and Internal benchmarking
OBJECTIVES
- Participants will be able to identify when to conduct benchmarking
- Participants will be able to identify how to use benchmarking effectively
- Participants will be able to apply farm business analysis concepts and relationships in benchmarking process
RESOURCE
Reading - Click here: Farm Business Analysis Using Benchmarking
Chapter 1 (pg. 3-18)
READING INSTRUCTIONS
Read this chapter paying close attention to the definitions of the main concepts in benchmarking. Pay close attention to key terms as you will find them useful as we move on to the rest of the modules.
DISCUSSION
- What form of benchmarking is appropriate for our farm?
- How can we apply benchmarking concepts at our farm?
- How can benchmarking be used as tool to improve farm production and income?
CHECK FOR UNDERSTANDING
- What is benchmarking?
- Name four types of benchmarking practices.
- What are the important concepts and relationships needed for effective benchmarking process?
SUMMARY
Benchmarking in farming involves gathering data about the best performing farms and comparing them with other farms. Benchmarking is a process of identifying, learning from and adapting good practices and processes to help improve performance... but remember, benchmarking requires comparing like with like.
Click to continue to: Organization