Examlex
The type of performance appraisal that judges specific, observable aspects of performance like being on time for work is a(n) ________ appraisal.
Practical Standards
Realistic expectations for performance or output that take into account potential variances and are used for benchmarking and measuring actual performance.
Standard Costing
Standard costing involves assigning a fixed cost to production and inventory for the purpose of budgeting and performance evaluation, allowing companies to identify variances and control costs.
Machine Breakdown
The failure of a machine to function, causing a halt in production or operations.
Material Quantity Variance
The difference between the actual quantity of materials used in production and the standard quantity expected, multiplied by the standard cost per unit.
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