A Key Element in Long Term Planning Is to Include

question 48

True/False

A key element in long term planning is to include a provision for contingencies.

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Definitions:

Estimated

An approximation or educated guess based on available data or past experience, often used in budgeting and forecasting financial figures.

Raw Materials

The fundamental materials used in the production process, which are transformed into finished goods.

Inventory Balance

The quantity of goods or materials on hand at a given time, representing the difference between inventory received and inventory sold or used.

Direct Labor Cost

The cost of wages and benefits for employees who are directly involved in the production of goods.