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Business plan progress can and should be measured throughout the year.Discuss three controls that help track progress.(Students can discuss any three of the following six)
Efficiency Standard
A benchmark for measuring the optimal use of resources in the production of goods or the delivery of services.
100% Efficiency
A theoretical situation where all resources are utilized to their maximum capacity without any waste, often used as a benchmark or target in productivity and operations management.
Variances
Differences between planned figures and actual performance or results, often analyzed in budgets and standard costing.
Production Costs
The total cost incurred by a company to manufacture a product or offer a service, including raw materials, labor, and overhead expenses.
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