TRADE is the best practice benchmarking model. The TRADE methodology is used in monitoring the exchange (“trade”) of information and the most useful project management practices to enhance the performance of products and processes. The benchmarking tool has superior project management systems and training materials that make it apposite for running many benchmarking projects concurrently. Therefore, it is a tool for saving time and money.
The benchmarking model has five phases. These are the terms of Reference, Research, Act, Deploy, and Evaluate. Within each phase are various procedures that need to be followed for the success of a project. The terms of Reference is concerned with the planning of the project.
The Research phase involves the exploration of the current state of affairs of the project. The Act phase focuses on the process of undertaking data collection and analysis. The fourth phase, Deploy, focuses on communicating and implementing the best practices. The final phase Evacuate is concerned with evaluating the benchmarking process and the results.
The TRADE benchmarking methodology is highly recommended due to its flexibility and easiness to understand, among other reasons. It can be used to manage projects that run for between one to twelve weeks and those that run for between 13 to 36 weeks. Moreover, the TRADE model is easy to understand, as it comprises of only five phases.
Moreover, within the five phases, there sub-steps that are simple to comprehend and follow. In addition, the benchmarking methodology presents a proven management approach. The methodology has been adopted by countries such as Taiwan, UAE, and the U.K. Moreover, it is the approved benchmarking model for Singapore’s Public Service and other countries. Notably, the methodology has been endorsed by the Global Benchmarking Network.
Additionally, the TRADE benchmarking methodology presents a meticulous system for planning. The system guarantees that projects can only progress to advanced phases after cost/benefit analysis has been carried out and the chances of success determined. Therefore, the model reduces the possibility of failure in project planning.
The opportunity for success is further enhanced by the use of a distinct project management spread-sheet as well as a Benchmarking certification plan. Moreover, a benchmarking methodology training annual that incorporates an inclusive set of resources for benchmarking, guide forms, and a Benchmarking certification plan makes the tool be highly useful. The comprehensive training manual plays the role of enhancing the effectiveness of TRADE.
Further, the TRADE Benchmarking methodology saves time and money. There are numerous TRADE materials and forms that have been developed and advanced over the years. TRADE license holders have full access to these resources and have their projects managed efficiently and in a timely manner.
The license holders do not need to create their own materials. Further, the TRADE delivers results. After completing a particular phase of the TRADE, the project is reviewed to ensure that it is on the right track. The results of the review determine whether the project is to continue, be stopped or remoulded to meet the original objective. As a result, the TRADE can help deliver planned outcomes efficiently. It can also help to generate a lot of money for large projects.
Conclusively, the TRADE benchmarking methodology has five flexible and easy to understand phases. These are the terms of Reference, Research, Act, Deploy, and Evaluate. The methodology provides mechanisms for carrying out cost/ benefit analysis at each of its five phases to ensure that planning is successful.