From the Options Below, Which One BEST Defines the Purpose

question 7

Multiple Choice

From the options below, which one BEST defines the purpose of benchmarking?

• A) forces companies to reduce labour costs
• B) helps spot defective products
• C) helps a firm determine performance standards and best practices
• D) only works for companies within the same industry

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Definitions:

Variance

A statistical measurement that represents the degree of spread or dispersion of a set of data points.

Random Variable

A variable that takes numerical forms based on the randomness of certain events.

Probability

A branch of mathematics concerned with the analysis of random phenomena, focusing on the likelihood of different outcomes.

Catch Fish

The act of capturing fish, either for recreational or commercial purposes.