The Purpose of Benchmarking Is to Find Out What Other

question 14

True/False

The purpose of benchmarking is to find out what other people and organizations are doing very well, and then plan how to incorporate these ideas into one's own operations.

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Definitions:

Comparative Advantage

Comparative Advantage is the ability of an individual, company, or country to produce a good or service at a lower opportunity cost than its competitors.

Productive Advantage

A situation where a person or entity can produce goods or services at a lower opportunity cost than others.

Opportunity Cost

The cost of forgoing the next best alternative when making a decision, representing the benefits one misses out on when choosing one option over another.

Bushel

A unit of volume that is used in the United States for measuring agricultural commodities, usually grains.