Explain the Work Standards Approach of Appraisal

question 58

Essay

Explain the work standards approach of appraisal.

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Definitions:

Supplies

Items used in the operation of a business or manufacturing process, which are not directly associated with the products being made.

Net Operating Income

The financial metric that calculates a company's profitability from its normal business operations, deducting operating expenses from the revenue.

Planning Budget

A budget prepared for a future period, reflecting the goals and policies of management, and used as a tool for guiding business activities towards financial objectives.

Total Cost

The sum of all costs associated with the production or acquisition of goods or services, including direct and indirect costs.