The Ability to Identify and Transfer Best Practices Within the Organization

question 97

Multiple Choice

The ability to identify and transfer best practices within the organization is sometimes called _____ benchmarking.

• A)internal
• B)functional
• C)process
• D)generic

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Definitions:

Corporate Function

Essential activities or responsibilities centralized at the corporate level, helping in achieving the organization's strategic objectives and supporting day-to-day operations.

Standard Cost Card

A detailed listing of the standard amounts of inputs and their costs that are required to produce one unit of a specific product.

Standard Variable Cost

The budgeted, per-unit cost of variable elements of production, such as materials and labor, under normal operating conditions.

Direct Materials

The cost of raw materials that can be directly traced to the production process.