Using benchmarking and best practices as a means of achieving operating excellence
A) is a four-step process that entails (1) benchmarking how well a company performs specific tasks and activities against best-in-industry or best-in-world performers, (2) adapting the various best practices to fit the company's situation and then implementing them, (3) continuing to benchmark company performance of activities against best-in-industry or best-in-world performers, and (4) continuing to improve and refine the company's performance of its activities and thereby move closer to operating excellence.
B) is essential if a company is to effectively and efficiently implement TQM and/or Six Sigma quality control systems.
C) needs to be directed chiefly at manufacturing and customer service activities, since these two areas are generally the most critical to good strategy execution.
D) is a prerequisite to effective reengineering of core business processes and to building strong core competencies.
E) is a potent tool for helping top managers set stretch performance targets and track a company's progress in executing its strategy.
Answer: A