Examlex
__________ is a methodology for achieving incremental improvements in the effectiveness and efficiency of a process.
Cost Driver
A factor that causes a change in the cost of an activity.
Machine Hours
A measure of the amount of time a machine is operated, used in calculating manufacturing costs and efficiency.
Fixed Overhead Volume Variance
The difference between the budgeted fixed overhead and the actual fixed overhead incurred, due to changes in production volume.
Standard Cost
A predetermined cost of manufacturing an item, including direct materials, labor, and overheads, used for budgeting and performance evaluation.
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