Benchmarking Can Be Defined as the Practice Of

question 25

Multiple Choice

Benchmarking can be defined as the practice of:

• A) monitoring activities related to the design, creation, and delivery of a product, its marketing, and its support and after-sales service.
• B) developing products that are new to the world or have superior attributes to existing products in the market.
• C) measuring the time that it takes for a good to be delivered or a service to be performed.
• D) measuring how well a company is doing by comparing it to another company, or to itself, over time.
• E) analyzing the financial position of a company and creating the income statements and the balance sheets.

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Definitions:

E(XY)

The anticipated outcome of multiplying two stochastic variables together, showing how their variances are interconnected.

COV(X,Y)

A measure of the degree to which two variables X and Y move together, indicating the strength and direction of their linear relationship.

Marginal Probability

The probability of an occurrence of a single event without consideration of any other events.

Coefficient of Correlation

A quantitative gauge assessing the force and trajectory of a linear linkage between a pair of elements.