Examlex
One of the aims of value stream mapping is to eliminate waste in a process.
Standard Price
A predetermined cost assigned to materials, labor, and overhead for budgeting and cost-control purposes.
Actual Cost
The true financial expenditure required to produce a product or service, as opposed to budgeted or standard costs.
Labour Rate Variance
The difference between the actual cost of direct labor and the standard cost of direct labor multiplied by the actual hours worked.
Direct Labour
Rephrased: The workforce directly involved in manufacturing products or providing services, whose costs directly affect the cost of goods sold.
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