When Using Benchmarking

question 76

Multiple Choice

When using benchmarking

• A) HR managers are able to identify the reasons why HR functions are below standard.
• B) the resulting statistics are comparable across organizations and industries.
• C) it is best to compare ratios from year to year.
• D) it is best to collect the data on an as-needed basis rather than on a rigid time schedule.

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Definitions:

Cannibalization

When a company's new product eats into the sales of one of its existing products, potentially reducing overall sales revenue.

Pricing Constraints

Limitations or factors that affect the setting of prices for goods and services, such as cost of production, competition, and customer demand.

Regulatory Commissions

Official bodies or organizations responsible for the control and supervision of specific industries or fields, ensuring compliance with laws and regulations.

Rate Increase

An adjustment in the price or cost of a service or product, typically an upward revision, by a company or a regulatory body.