A Balanced Scorecard Is a System for Translating Vision and Strategy

question 93

True/False

A balanced scorecard is a system for translating vision and strategy into tangible performance measurements.

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Definitions:

Direct Labor Budget

A forecast of the labor costs directly associated with production, factoring in anticipated hourly rates and hours needed.

Direct Labor-Hours

The total hours worked by employees directly involved in the manufacturing process, used as a base for allocating overheads.

Direct Labor Rate

The cost per hour for direct labor, typically used in calculating the total direct labor cost for a product or job.

Direct Labor Budget

A financial plan that estimates the cost of direct labor required to meet production goals within a specific period.