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What is a Gap Analysis?
Gap Analysis refers to the comparison between the actual and standard performance of an organization. It identifies if it is performing as per the expectations, and utilizing resources in an efficient manner.
Back to: STRATEGY & PLANNING
Gap analysis involves a 4-step process that ultimately identifies the loopholes of the company, and tells which areas need special attention.
- Define objectives clearly: The very first thing is to identify and define objectives clearly. Also, the company should ensure that they are specific, quantifiable, and can be achieved in a given time frame.
- Benchmarking: Benchmarking is about determining and ascertaining the company's existing performance in reference to the objectives set in the first step.
- Analysis- After measuring the present performance, the next step is to do an analysis of the present performance, and find out the reasons why this performance is not able to meet the set standards.
- Preparing Gap report: In the end, the gap report is formulated in order to analyze the measurable/quantifiable data gathered, and look into the qualitative causes for not attaining the set goals. Also, they create an action plan for accomplishing the set organizational objectives in future.
Back to: STRATEGY, ENTREPRENEURSHIP, & INNOVATION
Related Topics
- Business Performance Measurement
- Benchmarking
- Balanced Scorecard
- Economic Value Added
- Activity-Based Management
- Quality Management
- Action Profit Linkage Model
- Business Activity Monitoring
- Gap Analysis
- Strategy Diamond
- BCG Growth-Share Matrix
- GE McKinsey Matrix
- Value Reporting Framework
- Pyrrhic Victory