This Type of Performance Measure Typically Involves Comparison of a Firm's

question 20

Multiple Choice

This type of performance measure typically involves comparison of a firm's performance in a given area against the performance of other companies.

• A)balanced scorecard
• B)benchmarking
• C)scenario analysis
• D)cost benefit analysis

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Definitions:

Comparative Advantage

An entity's capability to offer a product or service at a reduced opportunity cost than competitors.

Vintner

is a person engaged in winemaking, especially one who is responsible for the production of wine at a vineyard or winery.

Opportunity Cost

The expense incurred by not selecting the second-best choice during a decision-making process or when evaluating different alternatives.

Full Employment

A situation in an economy where all available labor resources are being used in the most efficient way possible.