A Benchmarking Team Develops Improvement Plans and Team Assignments

question 151

Multiple Choice

A benchmarking team develops improvement plans and team assignments.Once the plans are implemented it monitors progress and recalibrates benchmarks as improvements are made.This phase of the benchmarking process is called:

• A)implementation.
• B)analysis.
• C)integration.
• D)action.

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Definitions:

Bid-rigging

An illicit agreement between parties to fix the outcome of a bidding process to benefit at least one of the participants.

Cartels

Associations of independent businesses formed to regulate production, pricing, and marketing of goods to restrict competition.

Auctions

Auction systems in which products or services are offered to the person who presents the highest offer.

Winner's Curse

A phenomenon in auctions where the winning bidder overpays due to overestimation of the item's value.