what are benchmarks?
setting benchmarks for obtaining desired results for production levels, sales levels, collections levels, customer service level, motivating staff to compete with other departments for best performance.
Benchmarks needs more clarification and how to compare for the five options.
Accounting - Benchmarks
This may be a target internally determined by a business or an industry
benchmark gained by the collection of data from a number of similar firms.
Benchmarks are also known as yardsticks. They may be based on comparisons
and so may include comparisons with:
* previous reports
* budgeted reports
* industry averages
* reports of similar firms
* opportunity cost - the value of the next best alternative
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