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What is the Bank of Canada's most frequently used and most flexible tool?
Standard Costs
The predetermined costs associated with manufacturing a product or providing a service, used as benchmarks for measuring performance.
Quality Control
The process of ensuring that products and services meet certain standards and are free from defects.
Direct Materials Cost
The cost of raw materials that are directly involved in the production of a product, easily traceable to the finished product.
Standard Direct Materials
The predetermined cost and quantity of raw materials expected to be used in manufacturing a product.
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