Examlex
What are activity cycles in PERT networks?
Standard Material Requirement
The predetermined amount of materials specified for the production of a single unit of product, often used in budgeting and controlling costs.
Standard Cost
A predetermined or budgeted cost of manufacturing a product or performing a service, used as a benchmark to measure performance.
Direct Materials Quantity Variance
The difference between the actual quantity of direct materials used in production and the standard quantity expected, multiplied by the standard cost per unit.
Direct Materials Price Variance
It measures the difference between the actual cost and the standard cost of direct materials used in production, indicating how effectively a company is purchasing its raw materials.
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