Explain How Just-In-Time Processes Relate to the Quality of an Organization's

question 125

Essay

Explain how just-in-time processes relate to the quality of an organization's outputs.

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Definitions:

Labor Rate Variance

The difference between the actual cost of labor and the budgeted or standard cost, based on the labor rate.

Actual Rate

A term that can refer to the real, observed interest rate, exchange rate, or other financial variable in contrast to a theoretical or estimated rate.

Standard Hours

The expected time it should take to complete a specific task or produce a given quantity of goods under normal conditions.

Retained Earnings

The portion of a company's profits that is kept or retained and not paid out as dividends to shareholders.