________ Involves Estimating the Proportion of Time Spent by People

question 32

Short Answer

________ involves estimating the proportion of time spent by people and machines on activities, based on a large number of observations.

---

Definitions:

Professional Service Firms

Businesses that provide specialized expertise or services to clients, such as consulting, accounting, law, and engineering services.

Chargeout Rates

The rate or price that businesses charge external clients for services or goods, typically used in professional sectors to bill hours worked.

Fixed Costs

Costs that do not change with the amount of goods or services produced by a business.

Discretionary

Pertains to expenses or investments that are not essential for the operation of a business or the living standards of an individual and can be adjusted or eliminated.