The Idea Behind Benchmarking and Best Practices Is to

question 59

Multiple Choice

The idea behind benchmarking and best practices is to

• A)identify which companies are the best performers of a strategically relevant activity and then copy their methods exactly.
• B)search the world for a company that performs a strategically relevant task or value chain activity at the lowest possible cost and then use business process reengineering techniques to try to meet or beat the costs of the world's low-cost performer of that activity.
• C)perform each activity in the industry value chain according to standard industry practice and then regularly benchmark the company's performance to see if it is actually achieving the industry standard.
• D)identify companies that are the best performers of an activity and then adapt their practices to fit the company's own specific circumstances and operating requirements.
• E)determine whether a company has a world-class value chain.

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Definitions:

Ignore

To deliberately pay no attention or give no response to something or someone.

Spoiling

Overindulgence or excessive leniency in treating a person, typically a child, often resulting in a lack of discipline or self-control in the individual being spoiled.

Social Smile

A developmental milestone in infants, usually appearing around 6 weeks of age, where they begin to smile in response to social interactions.

Anticipatory

Pertaining to the act of expecting or predicting something to happen in the future, often allowing individuals to prepare for potential outcomes.