Describe the nine steps in benchmarking
1. Identify a process to benchmark.
2. Create a team to perform the benchmarking.
3. Identify who has the best practices.
4. Collect data on the best practice.
5. Collect data on your own process.
6. Compare the data.
7. Determine what differences in the data are leading to the performance gap.
8. Develop action plans.
9. Implement action plans.
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Oregon Company is preparing its statement of cash flows using the indirect method. During the year, the company purchased equipment for $15,000 cash. Which of the following statements is TRUE?
A) $15,000 would be shown as a negative cash flow in the operating activities section. B) $15,000 would be shown as a negative cash flow in the investing activities section. C) $15,000 would be shown as a positive cash flow in the investing activities section. D) $15,000 would be shown as a positive cash flow in the financing activities section.
A firm may use its accounts receivable as collateral for a loan from a bank or other financial institution. Which of the following is/are true?
a. The firm physically maintains control of the accounts receivable, collects cash from customers, and repays the loan. b. If the firm fails to repay the loan, the lender can claim the receivables. c. If the firm has used its accounts receivable as collateral for a loan, the firm will continue to show those receivables as an asset (and there will also be a loan payable liability). d. The firm should disclose the lending arrangement in its financial reports. e. all of the above
The updating of accounts is called the adjusting process
Indicate whether the statement is true or false
The Racketeer Influenced and Corrupt Organizations Act (RICO) applies only to organized crime.
Answer the following statement true (T) or false (F)