1. Which of the statements below best describes the main purpose of benchmarking
ID: 356884 • Letter: 1
Question
1. Which of the statements below best describes the main purpose of benchmarking?
a. To investigate other, unrelated industries and learn about how they make profits.
b. To establish a competitive set of other companies and become the market leader.
c. To identify gaps in an organization’s business model and processes in order to achieve sustainable competitive advantage.
d. To deconstruct competitor products and services and work out how to sell them for a lower price.
2. W. Edwards Deming in the 1950s proposed a continuous feedback loop so that managers could identify and change the parts of business process that need improvement. This has been referred to as the ______cycle. Select the missing description from the following list.
a. Think, Manage, Check, Act
b. Think, Do, Check, Measure
c. Plan, Manage, Measure, Report
d. Plan, Do, Check, Act
3. Select the group of words missing from the statement below about the nature of benchmarking:
“The ________ of the _______ of an organization’s ______, products, ________ and performance metrics, and the comparison with standard measurements, ________ best practice and industry best practice.”
a. Measurement, Quality, Staff, Management, HR
b. Planning, Strategy, Business, Management, Peer Group
c. Measurement, Quality, Policies, Processes, Peer Group
d. Planning, Quality, Business, Processes, HR
4. Select the group of words missing from the statement below about the nature of benchmarking:
“Benchmarking may be a ______ event, but is often treated as a _______ process in which organizations continually seek to improve their practices. Benchmarking can be ______ as well as _______.”
a. One-off, Continuous, Internal, External
b. Yearly, Management, Internal, External
c. One-off, Continuous, Profitable, Expensive
d. Yearly, Management, Profitable, Expensive
5. Select the two areas of business that are typically covered by benchmarking together with Performance?
a. Management
b. Process
c. Strategy
d. Budgeting
6. Process benchmarking can be divided in two separate areas. These are best described as:
a. Functional and Finance
b. Operational and Functional
c. Management and Operational
d. Operational and Customer Service
Explanation / Answer
c. To identify gaps in an organization’s business model and processes in order to achieve sustainable competitive advantage.
d. Plan, Do, Check, Act
c. Measurement, Quality, Policies, Processes, Peer Group
a. One-off, Continuous, Internal, External
c. Strategy
c. Management and Operational
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