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Q94 Benchmarking your process against another organization’s process, which is considered excellent to identify an effective...

Q94

Benchmarking your process against another organization’s process, which is considered excellent to identify an effective change concept. True/False. [1 Mark]

business   Operations-Management   
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Answer #1

True

To bring in a change concept often benchmarking is done against industries best practices. This is done to generate ideas, improve processes, products, systems, policies etc. Also benchmarking is done to reduce costs. This is also done to eliminate gaps in the product or service offerings so that the firm does not miss out in areas where other firms of the industry are active.

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