GK
HUMAN RESOURCE MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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It is a people driven activity.
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It is related to the efforts of Kaizen.
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It is related to the raising of criteria for selection.
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It is raising the performance standards of the organization.
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Detailed explanation-1: -It compares a company’s current performance against its own previous performance. It compares a company’s performance against that of its competitors. It provides a standard of comparison for financial measurement. All of these statements are true about benchmarking.
Detailed explanation-2: -Answer and Explanation: The correct answer is option C) stealing ideas. The purpose of benchmarking is to beat industry standards, to be the best in the world, to learn from success, and to be national leaders in terms of quality and performance. It does not deal with stealing ideas as it is against business ethics.
Detailed explanation-3: -Benchmarking is a process of measuring the performance of a company’s products, services, or processes against those of another business considered to be the best in the industry, aka “best in class.” The point of benchmarking is to identify internal opportunities for improvement.