Examlex
What is the difference between a real-time report and a live report?
Cost Variance
The difference between the expected cost of a project or production process and the actual cost incurred.
Labour Efficiency Variance
A measure used in cost accounting to evaluate the difference between the actual hours worked and the standard hours expected to produce a certain level of output.
Production Manager
The person responsible for overseeing the production process and ensuring that manufacturing runs smoothly and efficiently.
Management By Exception
A management system in which standards are set for various activities, with actual results compared to these standards. Significant deviations from standards are flagged as exceptions.
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