Benchmarking

Benchmarking

Ok Tedi’s 2025 vision “To be the leading PNG Mining company setting the benchmark across all aspects of business in PNG” is understood by us all and communicated to our teams. We now have a deeper understanding of “optimising value”.

So the next layer of driving operational performance is connecting what we do every day to delivering value through the 2025 vision.

To be the benchmark we need to define and measure the benchmark.

 

Leaders and organisations alike will always be profoundly impacted by three simple questions:

1) Where am I now?
2) Where do I want to be?
3) How do I get there?

In this section you will undertake research to help define the benchmark performance for your area linked to delivering the vision by answering these three simple questions. To optimise value, we won’t do this alone or in silos. Rather through visibly living the Wan Pasin approach, you will engage with your team, your peers and the ELT, to help define the benchmarks across the business.

What Is Benchmarking?

Benchmarking is the process of looking at your own performance relative to your peers, competitors and across sectors to gauge and measure performance. You can benchmark strategy, process and performance. Under the umbrella of that benchmark, you’ll set your goals and design a series of small, measurable steps to help you reach them.

The advantage of Ok Tedi is the 2025 vision provides the direction and expectation for OTML to set the benchmark in mining and across all business in PNG. In Module 4, we will focus on performance benchmarking and during LDP2 also look at process benchmarking with likeminded mining companies.

Activity 5 – Introduction to benchmarking

1. Watch the below video on the types of benchmarking (3:52)

2. Read the below article on how to measure yourself against the best

3. Read the below article on an introduction to HSE benchmarking

4. Read the below image

Activity 6: Where am i now?

Gather and review reports on what you currently measure in terms of performance.

This activity does not require you to submit a response online.

Activity 7: Where do i need to be?

Undertake research and use your network to find available performance measures from other mining companies and other relevant businesses.
Process and Tips:
Review the 2025 vision measures
1. Identify benchmark companies and sites in PNG (Mining and non mining companies. Plus international benchmark companies)
2. Discuss with your team and GM/DGM.
3. Share and compare your list with your LDP2 cohort. Agree who will approach which contacts.
4. Research and review publicly available data such as annual reports, industry reports. Tip – consider delegating this task across your team to spread the work and engagement.
5. Utilise your networks such as former colleagues, consultants, industry bodies.
6. Compile relevant data. Compare against current performance measures (Activity 7)
7. Share and compare with your LDP2 cohort and peers. Specifically, your peers that come before and after you in the value chain and key support areas eg (if you were in Processing, discuss with your peers in Mining, your peers in Kiunga & Biga, and your peers in Supply/Logistics.

Activity 7 must be completed by Monday 10 January. This activity does not require you to submit a response online.

Activity 8: Benchmarking reflections

Complete Activity 8 by selecting Start Activity below. Then continue scrolling down the page.

Don't forget to mark as complete and select next topic

Click the below green button

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