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Vsevolod [243]
3 years ago
6

In regards to benchmarking, which of the following statements is correct?

Business
2 answers:
Vitek1552 [10]3 years ago
7 0

Answer:

C. Risk Management Association provides common-size statements for most industries.

Explanation:

Benchmarking is a process of comparing a company's performance or processes to the best practices in the industry or a competitor. Benchmarking is a way to determine company's abilities and weaknesses, in order to improve its internal processes and functions.

The industry average serves as a useful tool for the companies to benchmark their performance. For this purpose Risk Management Association provides common-size statements for most industries to evaluate their company.

Luden [163]3 years ago
6 0

Answer:

The correct answer is letter "C": Risk Management Association provides common-size statements for most industries.

Explanation:

Benchmarking comprises a series of steps that companies take to compare their performances with other entities. The best practices of other firms are considered to improve the company's productivity. With the help of common-size statements -<em>summarized reports of organizations' performances over certain periods</em>, benchmarking is helpful to make the comparisons and analyze what are the risk management actions that must be taken.

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