Examlex
Total quality management need not be necessarily employee driven.
Material Price Variance
The difference between the actual cost of materials and the standard cost multiplied by the quantity purchased.
Labour Efficiency
The measure of the amount of work achieved by a workforce compared to the effort put in.
Material Quantity
The amount of raw materials or supplies used in the production of goods, often monitored to control costs and ensure efficient resource use.
Labour Rate Variance
The difference between the actual cost of direct labor and the expected (or standard) cost, based on the hours worked.
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