Benchmarking does not involve Multiple Choice o the process of identifying, studying, and implementing best practices. advanced statistical methods to improve quality by reducing defects and variability in the performance of business O company's own performance of an activity stacks up against the best practice standards. o o the process of identifying, studying, and implementing best practices. advanced statistical methods to improve quality by reducing defects and variability in the performance of business processes. o looking outward to discover best practices and then proceeding to develop the data for measuring how well a company's own performance of an activity stacks up against the best practice standards. o being humble enough to admit that others have come up with world-class ways to perform particular activities, yet wise enough to try to learn how to match, and even surpass, them. O adapting the top-notch approaches pioneered by other companies to the company's own operations, thereby boosting the proficiency with which strategy-critical value chain tasks are performed