Question

question 45 (1 point)
benchmarking financial performance lets fm teams:
compare costs and performance to peers to identify gaps and improvements.
avoid transparency across sites.
guarantee budget increases.
replace internal kpis entirely.

Explanation:

Benchmarking financial performance is a process where teams compare their financial metrics (costs, performance) with similar entities (peers). The goal is to find areas where they are lagging (gaps) and then work on improving. Avoiding transparency is contrary to benchmarking (which often requires sharing data). Budget increases are not guaranteed through benchmarking. Also, internal KPIs (Key Performance Indicators) are not replaced entirely; benchmarking can inform and enhance them but not replace.

Answer:

Compare costs and performance to peers to identify gaps and improvements.