When benchmarking
A)the best levels of performance are usually found in companies that are within different industries.
B)finding appropriate benchmarks is a minor issue.
C)it is important to set standards at industry averages.
D)comparisons can highlight areas for improved cost management.
E)a broader scope allows for easier comparison.

Question

Quizplus · Accepted Answer

Comparisons can highlight areas for improved cost management. Benchmarking is a process of comparing one's own performance against those of others or best practices and identifying the gaps in performance in order to improve it. By comparing the performance of similar organizations, one can identify areas of poor performance and adopt best practices from other successful organizations to improve business efficiency and effectiveness. Therefore, it is important to compare and analyze the data to identify areas of improvement in cost management.

When Benchmarking