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What are the major sources of information that can be used to estimate demand? What are the major benefits and drawbacks of each?
External Benchmarking
The process of comparing a company's performance or processes against those of other companies, typically industry leaders, outside the organization.
Industry Benchmarking
A process of comparing business processes and performance metrics to industry bests or best practices from other industries to improve performance.
Process Benchmarking
The method of evaluating business operations and performance indicators against the highest industry standards or the most effective practices of other organizations.
Internal Benchmarking
The process of comparing business processes and performance metrics to industry bests and best practices from within the same organization.
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