________ Refers to the Application of Knowledge,skills,tools and Techniques to Achieve

question 2

Short Answer

________ refers to the application of knowledge,skills,tools and techniques to achieve specific targets within specified budget and time constraints.

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Definitions:

Direct Materials Inventory

Raw materials that can be directly attributed to the production of finished goods, physically incorporated into the product.

Direct Labor

The labor costs directly attributed to the production of goods or services, such as wages paid to workers specifically engaged in manufacturing processes.

Factory Overhead

All indirect costs associated with manufacturing, excluding direct materials and direct labor expenses.

Inventory Accounts

Accounts that track the value of a company's inventory, including raw materials, work-in-progress, and finished goods.