A(n) ____________________ Explains, Specifies, or Refers to the Material And/or

question 2

Short Answer

A(n) ____________________ explains, specifies, or refers to the material and/or process needed to make the part.

---

Definitions:

Quantity Variance

A measure used in budgeting and accounting to compare the actual quantity of materials or products used to the expected amount under standard costing.

Cost Variance

The difference between the expected cost of a project or production and the actual cost.

Price Variance

The difference between the actual price paid for something and its standard or expected cost.

Quantity Variance

The difference between expected and actual quantities used in production, affecting cost and efficiency.