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With reference to the end systems supported, the Internet has gone through roughly four generations of deployment culminating in the IoT: information technology, operational technology, _________, and sensor/actuator technology.
Standard Costs
Predetermined costs for manufacturing a product or providing a service, used as benchmarks for measuring performance.
Product Costing
The process of determining the total cost involved in the production of a product, including material, labor, and overhead expenses.
Actual Costs
The actual costs are the genuine expenditures incurred by a business during production, operation, or other activities, as opposed to estimated or budgeted costs.
Direct Labour Efficiency Variance
The difference between the actual hours worked and the standard hours expected to produce a certain number of units, multiplied by the standard labor rate.
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