The process of determining who is the best, who sets the standards, and what those standards are, is known as
a. a balanced scorecard approach
b. benchmarking
c. the acid test
d. corporate governance
e. organizational performance

The correct answer is B. benchmarking.

Explanation:

Benchmarking is a continuous process by which the products, services or work processes of leading companies are taken as a reference, to compare them with those of your own company and then make improvements and implement them.

It is not about copying what your competition is doing, but learning what leaders are doing to implement it in your company by adding improvements. If we take as a reference those who stand out in the area we want to improve and study their strategies, methods and techniques for post