What Is Benchmarking

question 5

Multiple Choice

What is benchmarking?

• A) the practice of identifying employees with promotion potential
• B) the practice of identifying performance differences with competing firms
• C) the process of identifying the best practices of a firm in a given area and comparing your practices to their practices
• D) the process of establishing performance standards through HRP

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Definitions:

Diagram

A simplified drawing or plan that represents the essential features of something, often used for explanation or clarification.

Coase Theorem

A principle that asserts if trade in an externality is possible and there are no transaction costs, parties can negotiate to solve the problem privately.

Spillover Costs

Costs of production that affect people who have no control over or involvement in the production process, also known as externalities.

Excise Taxes

A tax levied on specific goods or commodities produced or sold within a country, such as alcohol, cigarettes, and gasoline.