Benchmarking

question 84

Multiple Choice

Benchmarking:

• A) compares the efficiency and effectiveness of your business processes against strict standards.
• B) allows industry participants to develop industry-wide standards.
• C) is used to measure the speed and responsiveness of information technology.
• D) synchronizes the business processes of customers, suppliers, and trading partners.
• E) coordinates the value chains of independent firms to enable them to collectively produce a product or service.

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Definitions:

Board Of Directors

A group of individuals elected by the shareholders of a corporation to oversee the management and make major decisions regarding the corporation's affairs.

Officers

Individuals appointed or elected to manage and direct the affairs of an organization or governmental body, often with specific duties and responsibilities.

Quorum Requirements

The minimum number of members needed to be present for a group or organization to conduct official business or make decisions.

Business Judgment Rule

A legal principle that protects corporate directors from liability for decisions made in good faith, assuming they were informed and believed the decisions were in the company's best interest.