Define the "Tell 'Em" Principle and the "KISS 'Em" Principle

question 42

Essay

Define the "Tell 'Em" principle and the "KISS 'Em" principle.

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Definitions:

Standard Costs

Preset costs for the manufacturing or production of goods under normal conditions, used for budgeting and measuring performance.

Standard Costs

Predetermined costs for products or services, used as target costs to compare with actual costs for performance analysis and financial planning.

Labor Rates

The amount of money that is charged or paid for the work done by employees or contractors.

Union Contracts

Legally binding agreements between employers and a body of employees represented by a union, detailing workers' salaries, benefits, and working conditions.