Definition of Gap analysis:
A technique that businesses use to determine what steps need to be taken in order to move from its current state to its desired, future state. Also called need-gap analysis, needs analysis, and needs assessment.
Gap analysis consists of (1) listing of characteristic factors (such as attributes, competencies, performance levels) of the present situation (what is), (2) listing factors needed to achieve future objectives (what should be), and then (3) highlighting the gaps that exist and need to be filled. Gap analysis forces a company to reflect on who it is and ask who they want to be in the future.
Gap analysis is the process companies use to examine their current performance with their desired, expected performance. This analysis is used to determine whether it is meeting expectations and using its resources effectively.
Gap analysis is the means by which a company can recognize its current state—by measuring time, money, and labor—and compare it to its target state. By defining and analyzing these gaps, the management team can create an action plan to move the organization forward and fill in the performance gaps.
How to use Gap analysis in a sentence?
- By defining the gap, a firm's management team can create a plan of action to move the organization forward and fill in the performance gaps.
- Gap analysis can be useful when companies aren't using their full resources, capital, or technology to their full potential.
- Finding out everything you can from a gap analysis will help you to understand what you need to adjust in the future.
- Gap analysis is how organizations examine their current performance with its target performance.
- Bob thought he understood the roadblocks facing them in the current merger, but a quick look at the gap analysis they had prepared revealed he had neglected to consider several key hurdles.
- If you want to have a good comprehensive break down on how things are running you should take a gap analysis .
Meaning of Gap analysis & Gap analysis Definition