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What do employees and organizations want from their leaders?
Standard Labour Cost
The predetermined cost assigned to labor based on expected productivity rates and wage rates.
Direct Labour
The labor costs associated directly with the manufacture of goods, including the wages of workers who are actively involved in the production process.
Standard Cost
The predetermined cost of manufacturing a single unit or a number of product units during a specific period, used for budgeting and performance evaluation.
Budget
A financial plan that estimates income and expenditure for a specific period of time.
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