Question

What is a benchmark? What are the different types of benchmarks?

Answer 1

Answer:

Explanation:

• it is the application of what is learned in benchmarking that delivers the marked and impressive results so often noted. We supplement the traditional metrics-focused approach with an analysis of why and how practices produce exceptional results. Many industry leaders and companies use our benchmarking tool to identify the gaps in the process to improve and enhance performance.•There are four primary types of benchmarking: internal, competitive, functional, and generic. Internal benchmarking is a comparison of a business process to a similar process inside the organization. Competitive benchmarking is a direct competitor-to-competitor comparison of a product, service, process, or method.