International Journal of Engineering Research

R. Surya Kiran ¹, D. Shiva Sai Kumar ¹, D. Sateesh Kumar ¹, V. Dilip Kumar ¹, Vikas Kumar Singh ¹

Affiliations
1 Department of Industrial Engineering, G.I.T., GITAM University, Visakhapatnam, IN

Abstract

How to benchmark is the problem and this paper produces out an outline on a typical research methodology using the brainstorming technique in order to come to the effective conclusions. With the commencement of the STEP (Socio-Cultural, Technical, Economical and Political) reforms in the previous years, business environments are in a state of dynamic change and the change process is still continuing. There had been a tremendous acceleration from the tradition and the inward looking regime to a progressive and the outward looking regime of the policy framework. With the L.P.G. (Liberalization, Privatization and the Globalization) in almost all the sectors of the STEM (Science, Technology, Engineering and Medicine), the roles of the different sectors are undergoing Fundamental/Conceptual changes opening up new sets for analyzing the SWOT (Strength, Weakness, Opportunity and Threat) for the business sectors. The main aim of the Six Sigma concept is to make the results were right the first time, every time. So benchmarking is to be done for the profitability and the revenue growth of the organizations.
Brainstorming results could be well interpreted with the superposition matrix considering the ABC and the VED analysis as the same has been tested in the designs of the inventory control.

Keywords

Benchmarking, STEP, STEM, LPG, ABC, VED.

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