Your firm is currently ranked 3rd in its industry to better

Your firm is currently ranked 3rd in its industry, to better understand why your firm is not 1st and compare your processes to The industry leader you should perform what process? Benchmarking Environmental Scanning Re-engineering Reverse Process Engineering

Solution

The answer is option \"a\" - benchmarking.

Benchmarking is the process of comparing your own business with the best in the industry.

Benchmarking is used as a tool to improve one\'s own processes in terms of quality, time and cost.

It helps in implementation of best practices.

The firm that is ranked no. 3, can use benchmarking as a tool to improve its perfromance metrcis by comparing and implementing the practices being followed by the no. 1 player.