A(n) _____ Refers to the Judgmental Method of HR Forecasting

question 27

Multiple Choice

A(n) _____ refers to the judgmental method of HR forecasting that requires experts to meet face to face.

• A) simulation model
• B) estimate
• C) nominal group
• D) regression analysis

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Definitions:

Standard Costing

A cost accounting method that assigns expected costs to each unit of production to help managers identify variances between expected and actual costs.

Labour Efficiency Variance

The difference between the actual hours worked and the standard hours expected to produce a certain level of output, multiplied by the standard hourly rate.

Labour Rate Variance

The difference between the actual cost of labor and the expected (or standard) cost, based on the hours worked.

Direct Material Units

Refers to the physical units of raw materials that are directly traceable and integral to the finished product.