In Which Type of Operations Process Are You Likely to See

question 81

Multiple Choice

In which type of operations process are you likely to see products or services produced in low to moderate volumes,with some degree of standardization,and moderate flexibility of the processing equipment used?

• A)A project
• B)A job shop
• C)Repetitive production
• D)Batch processing
• E)Continuous

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Definitions:

Materials Quantity Variance

The difference between the actual quantity of materials used in production and the standard quantity expected, multiplied by the standard cost per unit.

Direct Material Standards

The predetermined cost and quantity of materials required for the manufacturing of a product.

Purchases Variance

A financial metric used to measure the difference between the actual cost of purchased materials and the planned or standard cost.

Materials Price Variance

The difference between the actual amount paid for materials and the expected (or standard) cost of those materials, multiplied by the quantity of materials purchased.