Explain the Concepts of Distributive Fairness and Procedural Fairness

question 82

Essay

Explain the concepts of distributive fairness and procedural fairness. Give an example of each.

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Definitions:

Budgeting Formulas

Mathematical expressions or equations used in the budgeting process to calculate financial figures and projections.

Other Expenses

Costs not directly related to the production or selling of goods or services, such as interest payments, losses on asset sales, or unusual expenses.

Customers Served

The number of clients or customers who have received services or goods from a business or organization.

Flexible Budget

A budgeting approach that adjusts for variations in activity levels, providing a more useful comparison of actual to budgeted performance.