Companies use techniques like time-and-motion studies, and consult industry "best practices" when developing standards. This is referred to as benchmarking.

Name: Companies use techniques like time-and-motion studies, and consult industry "best practices" when developing standards. This is referred to as benchmarking.
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Benchmarking involves studying and adopting industry best practices, as well as using techniques like time-and-motion studies to develop standards.

Companies Use Techniques Like Time-And-Motion Studies, and Consult Industry "Best