Explain the Importance of Training in Benchmarking

question 91

Essay

Explain the importance of training in benchmarking.

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Definitions:

Preventive Maintenance

Maintenance activities performed on equipment and facilities to prevent potential problems and ensure smooth functioning.

Selling Price

The amount of money charged for a product or service, ultimately determining the revenue generated from sales.

Service Hours

The total hours of service provided by a business, often used as a basis for allocating service department costs to producing departments.

Economic Value

The value of an asset deriving from its ability to generate income or utility.