A benchmark used in measuring performance is called a(n)

Steps in benchmarking and importance of benchmarking

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

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 describes a process of continuously measuring results and comparing those results to optimal performance so that actual performance may be improved? A. Performance B. Benchmarking C. Capacity planning D. Data cleansing

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