______ Is a Tool Used by Policy Analysts to Estimate

question 38

Short Answer

______ is a tool used by policy analysts to estimate the frequencies of certain conditions in the future based on historical data.

---

Definitions:

Volume Variance

A measure of the difference between the budgeted and actual volume of production, impacting costs.

Overhead Variances

The difference between actual overhead costs and the budgeted or standard overhead costs.

Predetermined Overhead Rate

An estimated rate used to allocate manufacturing overhead costs to products or job orders, calculated before the costs are actually incurred.

Labor-Hour

A unit of measure representing one hour of work by an employee, often used in costing and budgeting processes.