Dun and Bradstreet's Industry Norms and Key Business Ratios and the Almanac of Business and Industrial Financial Ratios are two publications relevant to managers interested in understanding a company's performance relative to its competitors.
Required:
a.What is the meaning of SIC and NAICS?
b.Explain how the SIC and NAICS codes were developed.

Question

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The Answer of Dun and Bradstreet's Industry Norms and Key Business Ratios and the Almanac of Business and Industrial Financial Ratios are two publications relevant to managers interested in understanding a company's performance relative to its competitors.
Required:
a.What is the meaning of SIC and NAICS?
b.Explain how the SIC and NAICS codes were developed.