The Basis of the Baldrige Model Is ________

question 67

Multiple Choice

The basis of the Baldrige model is ________.

• A) operations management
• B) information and analysis
• C) accounting and finance
• D) statistical process control
• E) Six Sigma

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Definitions:

Direct Materials Quantity Variance

The difference between the actual quantity of materials used and the standard quantity expected to be used, multiplied by the standard price per unit.

Overhead

The ongoing expenses of operating a business that are not directly associated with the production of goods or services.

Standard Labor Hours

A measurement in accounting for the amount of time workers are expected to spend on tasks, typically used to plan or assess productivity.

Direct Materials Price Variance

The difference between the actual cost of direct materials purchased and the expected (standard) cost multiplied by the actual quantity purchased.