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What do you mean by benchmarking technique?

17. What do you mean by benchmarking technique?

1. Benchmarking is a technique that involves comparing processes with market competitors to provide relative performance
2. Benchmarking is a technique that helps identify the best solution for the system
3. Benchmarking is a technique that evaluates the current performance
4. All of the above

Answer

The correct answer is: D) All of the above

Explanation

Benchmarking is a technique that compares processes to market competitors to offer similar results. It is a way of comparing numerous aspects of an organization's processes, goods, or services against those of industry leaders. Organizations can identify growth opportunities and learn from the best practices of others in the sector by doing so.