Asked by Christopher Thomas on Jul 23, 2024
Verified
___ is a planning technique that makes use of external comparisons to determine practices used by best-in-class companies to improve performance and identify possible actions for the future.
A) Contingency planning
B) Benchmarking
C) Scenario planning
D) Forecasting
E) Management by objectives
Best-In-Class Companies
Firms recognized as being the top performers within their industry or sector, often characterized by superior performance, innovation, and ethics.
- Absorb the fundamentals of benchmarking and its strategic use for elevating the performance levels of organizations.
Verified Answer
KJ
Kimone JonesJul 27, 2024
Final Answer :
B
Explanation :
Benchmarking is a technique that involves comparing an organization's practices and performance against other top-performing organizations to identify areas where improvements can be made. This helps organizations learn from others and identify best practices for achieving their goals.
Learning Objectives
- Absorb the fundamentals of benchmarking and its strategic use for elevating the performance levels of organizations.
Related questions
___ Refer to Things Done by People and Organizations That ...
Benchmarking Enhances Organizational Performance by Establishing Standards Against Which Processes,products,and ...
Benchmarking Is the Process of Comparing the Organization's Processes and ...
The Practice of Examining Best Practices Used in Successful Organizations ...
___ Is a Technique That Makes Use of External Comparisons ...