Capnos Inc. ,an insurance company,incurred losses of about $100 million.To analyze its losses and to overcome them,the company began comparing its own practices against those of its successful competitors.In this scenario,which of the following procedures is adopted by Capnos?

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Capnos Inc. is adopting benchmarking by comparing its practices with those of its successful competitors to overcome its losses. Benchmarking is the process of comparing an organization's practices and performance against industry standards or competitors to identify areas for improvement.