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ERP will automatically track and report any instances where an employee initiates or records an event with conflicting abilities.It is not necessary to configure the system to accomplish this.
Material 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.
Standard Quantity (SQ)
Standard Quantity refers to the amount of materials or inputs that should be used in the production of a good or service under normal efficiency conditions.
Actual Quantity (AQ)
The true or real amount of materials, labor, or overhead used in the production process.
Standard Price (SP)
A predetermined cost that companies expect to pay for materials, labor, and other costs under normal conditions.
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