The Techniques Used to Determine the Cost of a Product

question 96

Short Answer

The techniques used to determine the cost of a product or service by collecting and classifying costs and assigning them to cost objectives

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Definitions:

Highly Automated

Systems or processes that operate with a high level of automation, involving minimal human intervention and utilizing advanced technologies such as robotics and artificial intelligence.

Hand Labor

Work that is done manually by human workers, as opposed to being performed by machines or automated processes.

Benchmarking

Selecting a demonstrated standard of performance that represents the very best performance for a process or an activity.

Divisions

Separate sections or branches of an organization, each responsible for specific operations or functions within the larger entity.