Question

What is the systematic approach used to identify and quantify best practices in an organization and/or industry in order to make improvements in effectiveness and efficiency?

1) Benchmarking
2) Process improvement
3) Total quality management
4) Six Sigma

Answer 1

Benchmarking is the systematic approach used to identify and quantify best practices in an organization and/or industry to make improvements in effectiveness and efficiency.

Step-by-step explanation:

The systematic approach used to identify and quantify best practices in an organization and/or industry in order to make improvements in effectiveness and efficiency is called benchmarking. Benchmarking involves comparing an organization's processes, products, and performance metrics with those of competitors or industry leaders to identify areas for improvement. By analyzing and implementing the best practices observed, organizations can achieve higher levels of effectiveness and efficiency.