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Describe Benchmarking
It is the process of measuring products service or activities against the best level of performance which may be found either inside or outside the organizations. Developed organizations use combination of financial and non-financial bench marks rather than relying exclusively on other type. Upcoming companies use bench marking to adopt world class performance targets. Performance gaps are properly scrutinized and then concerted efforts are made to improve to achieve world class operations.
Bench making involves following important steps:
1. Selection of bench mark site,
2. Define bench mark question,
3. Gather information about bench mark, and
4. Determine and interpret performance gap.
Identify the management assertions related to each of the fictitious supplier credits and unrecorded amounts in accounts payable using the facts presented
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tell me how go about charging for your services
their definitions and the advantages and disadvantages
Risk seeking: A risk seeker is a decision maker who is concerned in the best likely outcome no matter how small the chance that they might take place i.e. he takes high risks
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