Which approach specifically focuses on understanding industry standards and guidelines for better decision making?

The approach that specifically focuses on understanding industry standards and guidelines for better decision-making is background research. Background research is conducted to gather relevant information and knowledge about the context in which a business operates, including industry standards, regulations, and best practices. This type of research lays the foundation for informed decision-making by providing insights into established norms and criteria that can impact various aspects of a business's operations. By understanding these standards, organizations can align their strategies and processes to meet industry expectations, thereby enhancing their competitive position and ensuring compliance with applicable regulations.

Benchmarking, while it involves evaluating practices against industry leaders, is more about comparing performance metrics rather than specifically understanding standards and guidelines. Business analysis encompasses a broader range of activities, including assessing business needs and identifying solutions, but it does not uniquely focus on industry standards. Strategic planning involves setting long-term goals and determining the necessary steps to achieve them, which may include awareness of industry standards, but it is not the primary focus.