The study of "best practices" in retailing is an example of ________.
A) benchmarking
B) scenario analysis
C) gap analysis
D) variance analysis

Question

Quizplus · Accepted Answer

Benchmarking involves looking at the practices of competitors or industry leaders in order to identify best practices and improve performance. Therefore, studying "best practices" in retailing is an example of benchmarking. Scenario analysis involves examining different possible future scenarios and their potential impact. Gap analysis involves identifying the difference between current performance and desired performance. Variance analysis involves comparing actual results to budgeted or expected results in order to identify and explain variances.

The Study of "Best Practices" in Retailing Is an Example