Strengths of the Qualitative Approach Include Which of the Following

question 7

Multiple Choice

Strengths of the qualitative approach include which of the following?

• A) Depth of understanding, flexibility, and lower expenses.
• B) Flexibility, breadth of understanding, and lower expenses.
• C) Breadth of understanding, subjectivity, and no statistical analysis.
• D) Generalizability, depth of understanding, and high productivity.

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Definitions:

Standard Labor Hours

The preset amount of time that is expected to be required to complete a specific task or job under normal conditions.

Direct Labor Rate Variance

The cost associated with the difference between the actual rate and the standard rate paid for direct labor multiplied by the actual direct labor hours used in producing a commodity.

Actual Costs

The true amount of money spent on a project or activity, as opposed to estimated or budgeted costs.

Standard Costs

Standard costs are predetermined estimates of the cost to manufacture a single unit or a number of units of a product during a specific time period.