A "best practice" standard
A)helps a company move toward performing its value chain activities more effectively and efficiently.
B)is the sole means of measuring whether or not a company performs a specific task or activity so as to achieve the lowest possible costs.
C)conforms to established industry standards.
D)is a measure of a company's core competence.
E)is often sufficient justification for maintaining the status quo.

Question

Quizplus · Accepted Answer

A "best practice" standard is a proven and effective method of performing an activity or task that can help a company improve its efficiency and effectiveness in executing its value chain activities. It provides a benchmark for evaluating and improving a company's processes and procedures, ultimately leading to better performance outcomes. While industry standards may be considered in establishing best practices, it is not limited to such conformity.

A "Best Practice" Standard