________ is the study of a competitor's product, service, or business practice for the purpose of improving an organization's own performance.
A) Benchmarking
B) Cost-benefit analysis
C) Brainstorming
D) Design of experiments

Question

Quizplus · Accepted Answer

Benchmarking is the process of analyzing a competitor's product, service, or business practice to identify best practices that can be adopted by an organization to improve its own performance. This involves identifying key performance indicators, comparing them to those of competitors, and making improvements based on the results. Cost-benefit analysis is a financial analysis used to determine whether an investment or project is worth pursuing based on its potential costs and benefits. Brainstorming is a creative problem-solving technique that involves generating a large number of ideas, often through group discussions. Design of experiments is a statistical method used to test the effects of different variables on an outcome of interest.

________ Is the Study of a Competitor's Product, Service, or Business