Question: 1. Access the annual report of Nokia (at www.Nokia.com) for the year ended December 31, 2009. The usefulness of its budgets, variances, and related analyses depends on the accuracy of management's estimates of future sales activity.
Required: 1. Identify and record the prior two years' sales (in € millions) for Nokia from its income statement.
2. Using the data in part 1, predict sales activity for Nokia for the next two years. Explain your prediction process.
3. Access iSixSigma's Website (iSixSigma.com) to search for and read information about benchmarking to complete the following requirements.
Required: 1. Write a one-paragraph explanation (in layperson's terms) of benchmarking.
2. How does standard costing relate to benchmarking?