Illustrates the Key Concept of Benchmarking

Question

Illustrates the Key Concept of Benchmarking?

Answer 1

KEY CONCEPT: Benchmarking the costs of organization activities against rivals gives hard proof of a company’s cost-competitiveness.

Sometimes benchmarking can be completed by gathering information from trade groups, published reports and industry research firms and by conversing to knowledgeable industry developer, consumers and sellers.
Building reliable cost comparisons is complicated by the truth that participants often use various cost accounting systems.