Benchmarking That Involves Comparison with Best Practices That Occur in Any

question 47

Multiple Choice

Benchmarking that involves comparison with best practices that occur in any industry is termed:

• A) internal benchmarking.
• B) industry benchmarking.
• C) process benchmarking.
• D) external benchmarking.

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Definitions:

Unit of Output

The individual item or specific quantity of a product produced by a company or an economic sector.

Labor Hire

The process of employing individuals or workers, typically for temporary or contractual tasks or projects.

Elastic Supply

Elastic supply refers to a situation where the quantity of goods supplied to the market can quickly increase or decrease in response to changes in price.

Short Run

A period in which at least one input is fixed and cannot be changed by the firm.