Scenario C.The production manager at RJ Fabrics Inc. ,a clothing manufacturing company,has proposed replacing some of the equipment on its production line with newer technology.The chief executive officer (CEO)insists on comparing the company's current technology with that being used by other organizations to decide what new technology should be considered.However,the chief technology officer (CTO)thinks that the company should look ahead and consider a new technology that is under development.He also raises the issue of whether the company should go to an outside firm or try to develop the technology itself.
-The CEO of RJ Fabrics is focused on comparing the company's current technology with that of other organizations.This is known as
A)scanning.
B)a situational analysis.
C)licensing.
D)benchmarking.
E)technology trading.

Question

Quizplus · Accepted Answer

The CEO's focus on comparing the company's technology with that of other organizations is referred to as benchmarking. Benchmarking involves comparing an organization's performance against that of similar organizations to identify areas for improvement and adopt best practices.