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Strategic plans specify how the company intends to achieve its long-term objectives, and dictate what resources the firm needs to execute its plans.
Direct Labor Dollars
The total cost of wages paid to workers directly involved in manufacturing or producing a company's products.
Fabrication Department
The division within a manufacturing company responsible for constructing and assembling the products or components.
Direct Labor Hours
The total number of hours worked by employees directly involved in producing goods or providing services.
Factory Overhead Budget
An estimation of the total costs required to support the manufacturing operations, excluding direct materials and direct labor.
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