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Descriptive Analytics Is the Scientific Process of Transforming Data into Insight

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Descriptive analytics is the scientific process of transforming data into insight for making better decisions.


Definitions:

Direct Labor-Hours

The total hours worked by employees who are directly involved in the manufacturing process or production of goods.

Manufacturing Overhead

All indirect costs associated with manufacturing, excluding direct materials and direct labor.

Underapplied Manufacturing Overhead

A situation where the allocated manufacturing overhead cost is less than the actual overhead incurred.

Manufacturing Overhead Account

An account that accumulates all indirect costs associated with the production process, excluding direct materials and direct labor costs.

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