To answer this question, you need to understand the concept of benchmarking. Let's go through each option to understand why it is correct or incorrect:
Option A) Control Chart - This option is incorrect because a control chart is a statistical tool used to monitor and control a process over time. It is not directly related to measuring performance against other companies.
Option B) Six Sigma - This option is incorrect because Six Sigma is a methodology used to improve processes by reducing defects and variations. It focuses on data-driven decision-making and process improvement, but it does not specifically involve measuring performance against other companies.
Option C) Benchmarking - This option is correct because benchmarking is the process of comparing an organization's performance against that of best-in-class companies or industry leaders. It involves identifying the best practices and processes used by these companies and using that information to improve the organization's own performance.
Option D) Cause and Effect Diagram - This option is incorrect because a cause and effect diagram, also known as a fishbone diagram, is a problem-solving tool used to identify and analyze the potential causes of a problem. It is not specifically related to measuring performance against other companies.
The correct answer is C) Benchmarking. This option is correct because it describes the process of measuring performance against best-in-class companies and using that information to improve performance.