________ is a much-used and potent managerial tool for determining whether a company performs particular functions or activities in a manner that represents the best practice when both cost and effectiveness are taken into account.
A)A competitive strength analysis
B)Activity-based costing
C)Resource cost mapping
D)SWOT analysis
E)Benchmarking

Question

Quizplus · Accepted Answer

Benchmarking is the process of comparing one's business processes and performance metrics to industry bests or best practices from other industries. It is a potent managerial tool for determining whether a company performs particular functions or activities in a manner that represents the best practice when both cost and effectiveness are taken into account. Benchmarking helps identify practices that can be improved to increase business efficiency and effectiveness.

________ Is a Much-Used and Potent Managerial Tool for Determining