BUSINESS ADMINISTRATION
STRATEGIC MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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True
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False
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Detailed explanation-1: -Explanation: Benchmarking requires managers who understand the reasons for performance variation. Proper understanding will help the organization come closer to the target value achieved by the best-in-class.
Detailed explanation-2: -What is performance benchmarking? Performance benchmarking is the process of measuring and analyzing an organization’s performance of products, services, operations, and other business processes against other companies, competitors, or industry leaders. It helps businesses identify and understand areas for improvement.
Detailed explanation-3: -Benchmarking is the practice of comparing business processes and performance metrics to industry bests and best practices from other companies.
Detailed explanation-4: -Companies use benchmarking as a way to control supply and demand.