Examlex
Specialization is the concept of devoting resources to the production of only a small number of goods and services.
Labor Efficiency Variance
The difference between the actual labor hours worked and the expected labor hours, multiplied by the standard labor rate, indicating efficiency in labor use.
Labor Rate Variance
A metric that calculates the difference between the actual and expected cost of labor.
Labor Efficiency Variance
The difference between the actual labor hours used and the standard labor hours expected for the level of production achieved, indicating labor productivity.
Labor Rate Variance
The difference between the actual cost of labor and the budgeted or standard cost, indicating efficiency or inefficiency in workforce use.
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