_____ Is Defined as the Variation from the Standard That

question 2

Multiple Choice

_____ is defined as the variation from the standard that is acceptable to the manager.

• A) Control stock
• B) Control tolerance
• C) Control point
• D) Control specification
• E) Control ratio

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Definitions:

Contractual Duty

An obligation imposed by a contract that requires a party to act or refrain from acting in a certain way.

Liquidated Damage

An amount of money, agreed upon by parties in a contract, to be paid as compensation by one party to the other in the event of a breach of contract.

Approximation

The process of finding a value that is close enough to the right answer, usually within an acceptable margin of error.

Avoid a Contract

To legally cancel or nullify a contract, effectively acting as though the contract never existed.