Examlex
What is meant by the term breakeven point? Why should a manager be concerned about the breakeven point and what helps them study the breakeven analysis?
Direct Labour Rate Variance
The difference between the actual cost of direct labor and the standard cost, which shows how well labor costs are being managed.
Direct Labour Efficiency Variance
The difference between the expected amount of labor hours needed to produce a given level of output and the actual labor hours used.
Favourable Variances
Differences between actual costs and budgeted costs that result in a better-than-expected financial performance, often indicating cost savings or higher revenues.
Large Variances
Significant differences between planned and actual figures in a budget, project, or any performance measurement, indicating greater deviations from expectations.
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