Which of the following techniques makes use of external comparisons to evaluate current performance?*
A) Forecasting
B) Benchmarking
C) Allocating
D) Justifying

Question

Quizplus · Accepted Answer

Benchmarking is the technique of comparing a business's performance and processes to industry best practices and standards. It uses external comparisons to evaluate current performance and identify areas for improvement. Forecasting involves predicting future outcomes, allocating involves distributing resources, and justifying involves providing reasoning or justification for decisions.

Which of the Following Techniques Makes Use of External Comparisons