__________ is a planning technique that makes use of external comparisons to determine practices used by best-in-class companies in an effort to improve performance and identify possible actions for the future.

A) Management by objectives
B) Forecasting
C) Benchmarking
D) Scenario planning
E) Contingency planning

Benchmarking is the process of comparing one's business processes and performance metrics to industry bests or best practices from other companies. This technique involves looking externally to examine how others achieve their performance levels and to understand the processes they use, in order to improve one's own performance.