Disable ads (and more) with a membership for a one time $2.99 payment
Which term refers to comparing performance measures against best practices?
Targeting
Benchmarking
Outsourcing
Streamlining
The correct answer is: Benchmarking
Benchmarking is the process that involves comparing performance measures against best practices in order to identify areas for improvement. This practice allows organizations to assess their performance relative to industry standards or leaders, helping them to recognize gaps in performance or efficiency. By employing benchmarking, companies can adopt best practices and make informed decisions on how to enhance their processes or services based on what has been proven effective in similar contexts. Targeting, while it involves setting specific performance aims or objectives, does not inherently focus on comparison to best practices. Outsourcing pertains to delegating certain business functions to external parties, which is unrelated to performance measurement or improvement. Streamlining refers to simplifying processes to increase efficiency, not necessarily involving comparisons with best practices. In this context, benchmarking stands out as the most relevant term for comparing performance measures against industry standards.