The process by which a company's products or services are measured relative to the best possible levels of performance is known as ________.
A) efficiency
B) benchmarking
C) a standard costing system
D) variance analysis

Question

Quizplus · Accepted Answer

Benchmarking is the process of comparing a company's products or services to those of industry leaders or best-in-class companies to identify areas for improvement and set performance targets. Efficiency refers to how well resources are used in producing goods and services. A standard costing system and variance analysis are both methods of analyzing costs and identifying variances from expected levels.

The Process by Which a Company's Products or Services Are