What does benchmarking refer to?
A) Keeping high level of production quality in factories abroad.
B) Making sure that the quality of products or processes is as good or better than in previous year.
C) Setting a level of quality that is acceptable and making sure it is met.
D) Finding out how other firms are doing something better, then copying and improving.

Question

Quizplus · Accepted Answer

Benchmarking involves comparing one's business processes and performance metrics to industry bests or best practices from other companies. This includes identifying the "how" and "why" of superior performance and adopting these practices to improve one's own performance.

What Does Benchmarking Refer To