It is possible to set standards by benchmarking against better performing companies in
the industry.

Question

Quizplus · Accepted Answer

Benchmarking involves comparing one's own processes or practices against those of industry leaders or peers in order to identify areas for improvement and set standards accordingly. By studying the best practices of top-performing companies or organizations, a company can identify opportunities to improve performance, reduce costs, increase efficiency, or improve quality. Therefore, it is possible to set standards by benchmarking against better performing companies in the industry.

It Is Possible to Set Standards by Benchmarking Against Better