Which of the following statements about benchmarking and best practices is true? Benchmarking involves identifying companies that are able to perform a value chain activity with Six Sigma or better accuracy. Normally, it is a fairly simple matter to copy the best practices of other organizations and achieve equally good results. The payoff of benchmarking comes from learning which rival companies are the lowest cost performers of particular value chain activities. The more that a company's organizational units use best practices in performing their work, the closer the company moves toward performing its value chain activities more effectively and efficiently--this is what progressing toward operational excellence is all about. Benchmarking involves identifying which companies are the best performers of an activity and then trying to imitate their approaches as closely as possible.