Examlex
Which of the following is an example of using predictive analytics for understanding turnover and retention patterns?
Quantity Variance
The difference between actual quantity of material or labor used in production and the expected quantity, often leading to cost variations.
Direct Labor-Hours
The total hours worked by employees directly involved in the manufacturing process, often used as a basis for allocating labor and overhead costs.
Variable Overhead
Costs that change with the level of production or business activity, including materials and labor that fluctuate with output.
Efficiency Variance
A measure in cost accounting used to assess the efficiency with which inputs are converted into outputs, often looking at differences in labor or material usage.
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