Explain the process of managing the benchmarking effort

What will be an ideal response?

Like other quality management efforts, benchmarking is a managed process. Therefore, management must have an understanding of the benchmarking process, the participants involved, and the objectives of the exercise.
Managing the benchmarking process involves establishing, supporting, and sustaining the benchmarking program. To begin the management process, a strategy statement outlining the goals and strategies to be used is developed. With the strategy statement in place, management sets expectations for performance relating to the benchmarking project. At a minimum, the expectations for benchmarking are that this is an ongoing process that serves as a basis for improvement (not a one-time event) and that specific deliverables are to be identified by management that must be fulfilled.