Examlex
In the context of new product planning and development,the success of a new product:
Standard Hours (SH)
Standard Hours (SH) refer to the estimated time considered necessary to perform a task or produce a good under normal conditions, used for planning and efficiency analysis.
Materials Price Variance
The difference between the actual cost of materials used in production and the standard cost of those materials.
Attainable Standard
A performance measure based on achievable levels of efficiency and effectiveness under current conditions.
Perfection Standard
An idealistic benchmark for performance or quality that may be impossible to achieve but serves as a high goal.
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