Benchmarking is a technique for measuring an organization's products, services, or activities against those of best-performing organizations to identify areas for improvement.
Common size analysis is a standard tool used to compare the financial statements of different companies by converting account groupings to a percentage of the whole, often sales revenues.
The gathering of data about a competitor's products and prices to identify actual or future sources of competitive advantage. Understanding a competitor's strengths and weaknesses helps an organization develop its own strategy.
Interfirm comparison is a process used to evaluate the performance of similar organizations by analyzing their accounts and statistical data through ratio analysis.
A standard is an established and fixed measure or norm used in assessing quality or performance. Standards ensure consistency, reliability, and quality across various domains, such as products, processes, or services.
The standard price is a predetermined cost established for a product or service, commonly used as a benchmark for budgeting, costing, and performance evaluation in manufacturing and other industries.
