The Steps Involved in a Benchmarking Analysis Do NOT Include

question 43

Multiple Choice

The steps involved in a benchmarking analysis do NOT include which of the following?

• A) select product, service or process for the analysis
• B) collect data on performance and practices
• C) choose companies or internal areas for the analysis
• D) analyse data and identify opportunities for improvement
• E) contact external companies for permission to use their data

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Definitions:

Resource Demand

The desire and ability of businesses or individuals to acquire economic resources or inputs for the production of goods and services.

Product Requirement

Specifications or criteria that a product must meet related to its design, functionality, and performance.

Resource Decreases

The reduction in the availability or supply of natural, human, or capital resources in an economy or specific market.

Substitute Input

An alternative resource or material that can be used in place of another in the production process to achieve the same outcome.