The practice of using data from other organizations to identify the processes and practices associated with world-class performance is referred to as
A)benchmarking.
B)dashboarding.
C)industry flowcharting.
D)scorecarding.

Question

Quizplus · Accepted Answer

Benchmarking is the process of comparing one's own business processes and performance metrics to industry bests and best practices from other organizations to improve performance. It involves using data from other organizations to identify the processes and practices associated with world-class performance. Dashboarding is the process of presenting key performance indicators and metrics in an easy-to-digest visual format. Industry flowcharting involves creating a visual representation of the key processes and activities within an industry. Scorecarding involves tracking and measuring progress towards specific goals and objectives. However, none of these processes involve using data from other organizations to identify world-class performance processes and practices like benchmarking does.

The Practice of Using Data from Other Organizations to Identify