A "Best Practice" Refers to a

question 3

Multiple Choice

A "best practice" refers to a

• A)policy or procedure that is unusually effective.
• B)method of performing an activity or business process that consistently delivers superior results compared to other approaches and that at least one company has demonstrated works particularly well in terms of delivering operating excellence.
• C)strategy-critical activity that results in sustainable competitive advantage.
• D)value chain activity that is a company's distinctive competence.
• E)particular value chain activity that management has given top priority to performing in world-class fashion.

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Definitions:

Small Businesses

Entities involved in commercial, industrial, or professional activities characterized by their small size in terms of employees, revenue, or operations.

Sole Proprietorship

A business structure where a single individual owns, manages, and is personally responsible for all aspects of the business, including debts.

Persons

Human beings regarded as individuals or entities capable of owning property, having rights and responsibilities, and engaging in legal contracts and activities.

Partnership

An official business model that involves a collaboration between two or more people sharing both profits and management duties.