Benchmarking is a process through which one entity is compared to another. The comparison is generally done with the financial data and ratios of direct competitors in the same industry or market and it gives us the context in which to interpret the entity’s data.Choose one of the following answers. True False

Benchmarking is basically comparing how different organizations perform their supply chain activities and to make cross-company comparisons of their revenues and effectiveness.Select one:TrueFalse

What does benchmarking primarily aim to achieve? *1 pointMaintaining the status quoIdentifying weaknesses onlyContinuous improvementAdopting stagnant practices

Steps in benchmarking and importance of benchmarking

One of the benefits of benchmarking is the ability to:a.Focus solely on past trends to maintain stabilityb.Rely exclusively on subjective internal assessmentsc.Monitor performance by projecting future trends based on datad.Ignore changes within the industry to save resources

What does benchmarking involve?A.Using a personal planner to break your day into one-hour blocksB.Writing down all of your short-term and long-term goalsC.Studying for only one subject each dayD.Breaking a larger goal into several smaller goals