_____ Is the Use of External and Internal Comparisons to Better

question 124

Multiple Choice

_____ is the use of external and internal comparisons to better evaluate one's current performance and identify possible ways to improve for the future.

• A) Qualitative forecasting
• B) Quantitative forecasting
• C) Scenario planning
• D) Contingency planning
• E) Benchmarking

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Definitions:

Electrical Cost

The expenses associated with the consumption of electricity by a company or facility.

High-low Method

A technique used in cost accounting to estimate cost behavior and predict future costs based on the highest and lowest levels of activity and their corresponding costs.

Inspection Cost

Expenses incurred to ensure products meet quality standards, including costs of labor, equipment, and facilities used in inspection.

Overhead Cost

Expenses related to the day-to-day running of a business that cannot be directly tied to a specific product or service, such as rent, utilities, and administrative salaries.