When benchmarking is used,standards for specific areas/tasks are set with reference to the best performing firm in each area,regardless of its industry.

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Benchmarking involves identifying best practices and processes used by other organizations, ideally in a different industry, and adopting or adapting them to improve one's own performance. By setting standards based on the best performing firm in each area, regardless of industry, a company can strive to achieve a level of performance equal to or better than the best in class.

When Benchmarking Is Used,standards for Specific Areas/tasks Are Set with Reference