Question

Cora is planning to open a restaurant. Before proceeding with the plan, she collects data on the operating standards of one her favorite restaurants that inspired her to open her own restaurant. This is an example of _____.

Answer 1

Benchmarking

Step-by-step explanation:

Benchmarking:It is a process of identifying outstanding practices, processes, and standards in the industry and using those standards to compare and evaluate the performance and quality of other companies in the industry. The set benchmark could change over a period of time if a new company has outperformed the old benchmark and able to set a new standard in the industry by implementing better techniques, processes, etc.

There could be four type of benchmarking:

• Internal benchmarking.
• Competitive benchmarking.
• Functional benchmarking.
• Generic benchmarking.

In the given case, Cora is collecting data on the operating standard of one of the restaurant before opening her own restaurant, which will help her to evaluate her restaurant´s performance and quality, therefore, this is an example of benchmarking.