Benchmarking Concept Student’s Name Institutional Affiliation Benchmarking Concept Managerial accounting is the process of identifying, measuring, analyzing, interpreting, and coming up with information for the success of an organization`s goals. It is also referred to as cost accounting. The main aim of managerial accounting is to help managers within the organization in decision making (Bain and Company, 2015). To streamline operations and generally improve the profitability of an organization, some concepts are employed. Benchmarking is one of the concepts used in managerial accounting (Khan, Halabi, & Sartorius, 2011). Basically, benchmarking entails managers comparing the performance of their products externally with those of competitors and best-in-class companies. To start with, benchmarking concept