Which of the Following Statements Is Correct Regarding Benchmarking

question 79

Multiple Choice

Which of the following statements is correct regarding benchmarking?

• A)Benchmarking is the practice of using a company's own data to identify the processes and practices in which it outperforms its competitors.
• B)Benchmarking involves selecting measures, setting targets for measures and adjusting the benchmark as strategies change.
• C)Benchmarking participants should adhere to the Benchmarking Code of Conduct which provides general principles to follow during the benchmarking process.
• D)Benchmarking is the development of a hypothetical scorecard.

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Definitions:

FCFS Scheduling Rule

"First Come, First Served" scheduling rule, used in operations management to assign service or resources to entities on the basis of their arrival order.

EDD Scheduling Rule

"Earliest Due Date" scheduling rule, a prioritization principle that suggests completing tasks or serving customers in the order of their due dates, from earliest to latest.

SPT Scheduling Rule

Shortest Processing Time rule, a method for scheduling tasks that prioritizes those with the lowest processing time to minimize completion time.

LPT Scheduling Rule

A priority rule used in scheduling where jobs are ordered in descending order of their processing times.