Definition: The best practices among all competitors O Benchmark
O Median
O Tradition
O Slope

O Benchmark

Explanation:

Bench-marking is the practice of comparing a firm's performance against the best in the industry. Through bench-marking, comparison of processes, products, and quality against the set standards or the industry best.

A benchmark is an acceptable standard by which others may be measured or judged against.  It is the ideal quality or performance that others should strive to attain.

whole quiz

1. the sum of all activities involved in getting high-quality products into the marketplace

2.operations

3. the principle of looking at the supply chain as a whole in order to improve the overall flow through the system.

4. produced; performed

5. activities producing tangible products, such as radios, newspapers, buses, and textbooks.

6. activities producing intangible and tangible products, such as entertainment, transportation, and education.

7.   customer focus

8. analyzing a competitor's products to identify desirable improvements

9. the systematic direction and control of the processes that transform resources into finished projects that create value for and provide benefits to consumers.

10. operation management.

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answer; someone must cover the cost associated with the provision of scarce goods in both sectors;