The Purpose of Benchmarking Is to _____

question 139

Multiple Choice

The purpose of benchmarking is to _____.

• A) identify alternative future scenarios and make plans to deal with each scenario
• B) identify alternative courses of action to take when things go wrong
• C) plan how to incorporate the good, profitable ideas of other organizations into one's own operations
• D) use expert opinions to predict the future
• E) use mathematical models and statistical analyses of historical data and surveys to predict future events

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Definitions:

Marginal Revenue Product

The additional revenue a firm earns by employing one more unit of input, like labor or capital, in the production process.

Wage Rate

The amount of compensation a worker receives for performing a service, typically measured per hour or unit of work.

Employment

The state of having a paid job or being engaged in a productive activity.

Marginal Wage Cost

The additional cost incurred by an employer for hiring one more unit of labor.