What is the purpose of benchmarking?
A)To save money
B)To reduce the workforce
C)To adopt best practices
D)To expand internationally
E)To diversify products

Question

Quizplus · Accepted Answer

Benchmarking means identifying the best-in-class performance by a company in a given area, such as product development or customer service, and then comparing your processes to that company's processes. To accomplish this, a benchmarking team would collect information on its own company's operations and those of the other firm to determine gaps. Ultimately, the team would map out a set of best practices that lead to world-class performance.

What Is the Purpose of Benchmarking