Steps in the Benchmarking Process	Step
Get information about what each external company is doing and compare it to what your company is doing.
Find the companies that are best on each measure.
Identify which processes to benchmark.
Create plans for improving your companys processes.
Determine which measures you will use in benchmarking, and collect information about them.

The vice president of operations of your company, which makes packaged foods, is thinking about benchmarking manufacturing processes at companies with great reputations for efficiency and quality control. However, he is wondering whether the effort involved will be worth it.

Which of the following are potential benefits of benchmarking for your organization? Check all that apply.

Benchmarking allows companies to review their internal processes in an unbiased fashion.

Benchmarking provides objective data and targets for improvement.

Benchmarking can help companies analyze, adopt, and implement best practices.

Benchmarking shows the solutions others have found for common problems.

The relationship between the budgeting process and balanced scorecards is that .

A. budgets must be set first

B. they are mutually exclusive

C. they can be used together

D. only balanced scorecards help achieve stradegy

Investors will look at a companys to determine whether its operations are being funded by too much debt as compared to industry norms.

A. liquidty ratios

B. profitability ratio

C. leverage ratio

D. total time-cycle