What is the management tool for seeking out the best practices in one's industry?

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Benchmarking is the management tool used for seeking out the best practices in one's industry. It involves the comparison of practices and performance metrics with those of other companies or organizations in the same industry or similar business sector. Through benchmarking, companies can identify areas of improvement and opportunities for innovation to enhance their competitiveness and efficiency. Accreditation and scorecards are methods for evaluating compliance and performance against pre-established standards, while a factor system is a model for evaluating multiple criteria in decision-making.

What Is the Management Tool for Seeking Out the Best