Which of the following statements is correct regarding benchmarking?
A)Benchmarking is the practice of using a company's own data to identify the processes and practices in which it outperforms its competitors.
B)Benchmarking involves selecting measures, setting targets for measures and adjusting the benchmark as strategies change.
C)Benchmarking participants should adhere to the Benchmarking Code of Conduct which provides general principles to follow during the benchmarking process.
D)Benchmarking is the development of a hypothetical scorecard.

Question

Quizplus · Accepted Answer

The Benchmarking Code of Conduct provides general principles to follow during the benchmarking process. Option A is incorrect as benchmarking involves identifying the processes and practices in which a company can learn and improve from its competitors. Option B is incorrect as it describes the process of performance measurement, goal setting, and performance adjustment, not benchmarking. Option D is also incorrect as benchmarking is not the development of a hypothetical scorecard, but rather a process of identifying best practices and learning from other organizations.

Which of the Following Statements Is Correct Regarding Benchmarking