6) Which of the following is part of the benchmarking process? A) standard setting against industry averages B) assess external and internal conditions and match with those of the benchmarked company C) sharing information with other companies D) obtaining a benchmarking license E) setting up bench mark variances 7) The process in which a company's products or services are measured relative to the best possible levels of performance is known as A) benchmarking. B) measuring the performance gap. C) standard measurement. D) variance measurement. E) budgeting 8) Which of the following statements about benchmarks is TRUE? A) They may be financial or nonfinancial, B) They are used to compute variances. C) Broad benchmarks have more relevance. D) Obtaining benchmarks has no legal or ethical issues. E) Benchmarks are the main driver of strategic planning. 9) A standard is A) usually expressed on a per unit basis. B) consistently calculated in manufacturing companies. C) always the same as a budgeted amount. D) only set within the company. E) never expressed on a per unit basis