The Final Step in Setting Standards by Benchmarking Is to _____

question 61

Multiple Choice

The final step in setting standards by benchmarking is to _____.

• A) implement functional departmentalization across a company
• B) identify the companies against which to benchmark one's standards
• C) collect data to determine other companies' performance standards
• D) determine the effects of benchmarking on the company's performance

---

Definitions:

Circumstances

The conditions or facts affecting a particular event or situation, often influencing the outcome or actions of individuals.

Opportunity Cost

The cost of forgoing the next best alternative when making a decision, representing the benefits an individual, investor, or business misses out on.

Scarce Goods

Products or resources that are limited in availability and cannot meet all the demands of consumers.

Comparative Advantage

The ability of a country or firm to produce a specific good or service at a lower opportunity cost than its competitors.