The Process of Dismantling and Inspecting a Competitor's Product to Discover

question 42

True/False

The process of dismantling and inspecting a competitor's product to discover product improvement is called benchmarking.

---

Definitions:

Direct Labor Time Variance

The difference between the actual time taken to manufacture a product and the standard time expected, multiplied by the hourly wage rate.

Direct Labor

The wages paid to workers directly involved in the production of goods or services.

Budget Performance Report

A financial report that compares actual financial results to planned or budgeted figures, highlighting variances and their causes.

Actual Costs

The genuine expenses incurred in the production of goods or delivering services, without estimation.