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:

High Temperature

A condition of heat that is significantly above the average and affects physical, chemical, or biological processes in a specific context.

Computer Models

Simulations run on computer software that are designed to replicate the behaviors of physical, biological, or chemical systems.

Tsunami

Massive waves in the ocean with lengthy wavelengths resulting from large disturbances, including earthquakes, volcanic activities, or underwater slips.

Volcanic Material

The natural products ejected by a volcano, including lava, ash, volcanic rocks, and gases.