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Chapter 1: 11OQ (page 21)

What is the name of the process in which one company studies the processes of another firm to identify best practices?

Short Answer

Expert verified

Benchmarking

Step by step solution

01

Introduction

The firm's best practices are discovered by assessing the process structure, resource allocation, cost efficiency, low time consumption, and effective process management.

02

Analysis of the name of the process

Benchmarking is the process through which one firm examines another company's procedures to find best practices. Benchmarking is a performance indicator in which one firm compares itself to another using the same procedures or practices and discovers differences.

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