Benchmarking Can Be Defined as the Practice Of

question 34

Multiple Choice

Benchmarking can be defined as the practice of:

• A) monitoring activities related to the design, creation, and delivery of a product, its marketing, and its support and after-sales service.
• B) developing products that are new to the world or have superior attributes to existing products in the market.
• C) measuring the time that it takes for a good to be delivered or a service to be performed.
• D) measuring a company against the products, practices, and services of some of its most efficient global competitors.
• E) analyzing the financial position of a company and creating the income statements and the balance sheets.

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Definitions:

Surplus

The amount by which production, resources, or inventory exceeds the actual demand or use.

Labor

The human effort, both physical and mental, used in the production process to create goods or provide services.

Labor Unions

Organizations representing workers in various industries, advocating for better wages, working conditions, and benefits for their members.

Non-Unionized Industries

Sectors of the economy where the workforce is not part of a labor union or covered by a collective bargaining agreement.