________ Relates to the Frequency at Which Data Is Generated

question 52

Multiple Choice

________ relates to the frequency at which data is generated over time and the speed at which it can and should be analyzed and used.

• A) Volume
• B) Velocity
• C) Variety
• D) Veracity
• E) Value

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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.