How can benchmarking be used to help increase productivity?Multiple select question.By comparing a business in one industry against a world-class performer in anotherBy comparing the infrastructureBy comparing the tax laws in one country against those in anotherBy comparing a company against its rivals
Question
How can benchmarking be used to help increase productivity?Multiple select question.By comparing a business in one industry against a world-class performer in anotherBy comparing the infrastructureBy comparing the tax laws in one country against those in anotherBy comparing a company against its rivals
Solution
Benchmarking can be used to help increase productivity in the following ways:
-
By comparing a business in one industry against a world-class performer in another: This can provide insights into best practices and strategies that can be adopted to improve productivity.
-
By comparing a company against its rivals: This can help identify areas where the company is lagging behind and needs to improve. It can also highlight the company's strengths that can be leveraged to increase productivity.
Comparing the infrastructure or tax laws in one country against those in another may not directly help in increasing productivity. These factors might affect the overall business environment or operating costs, but they do not directly relate to the productivity of a company's operations or processes.
Similar Questions
What is a primary goal when benchmarking your organizational performance against others?a.To find if there is a performance gap that can be closedb.To diversify the business services or productsc.To reduce the overall costs in your organisationd.To decide if competitive rates should be raisedClear my choice
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
Comparison with industry benchmarks
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 productivity measure for a business?A.Its variety of products on the marketB.Its share of a market compared to competitorsC.Its efficiency in creating its productD.Its ability to generate capital investmentSUBMITarrow_backPREVIOUS
Upgrade your grade with Knowee
Get personalized homework help. Review tough concepts in more detail, or go deeper into your topic by exploring other relevant questions.