The First Versions of Products in Formal Development Are Called

question 25

Multiple Choice

The first versions of products in formal development are called

• A)test markets.
• B)prototypes.
• C)total products.
• D)hybrid products.

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Definitions:

Labor Standards

Benchmarks or criteria set for the amount of time and effort required to perform tasks efficiently and effectively.

Direct Labor-Hours

The total hours worked directly on the production of goods or provision of services, often used as a basis for assigning labor costs to products.

Labor Efficiency Variance

The difference between the actual hours worked and the standard hours expected to complete a task, multiplied by the standard labor rate.

Actual Results

The real, measured outcomes of business activities, such as sales or production levels, compared to planned or forecasted results.