An Advantage of Using a Computer Versus a Manual Approach

question 24

True/False

An advantage of using a computer versus a manual approach when performing a simulation is that it often takes only seconds versus hours to reach a steady-state result.

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Definitions:

Direct Labor Rate Variance

The difference between the actual labor cost incurred and the expected (or standard) labor cost for the actual production level.

Direct Labor Variances

The differences between the budgeted and actual labor costs incurred during a production process, analyzed to control and optimize labor expenses.

Research Development

The systematic activity combining both basic and applied research, aimed at discovering solutions to problems or creating new goods and knowledge.

Fixed Overhead Rate

A predetermined rate used to assign fixed manufacturing overhead costs to products, typically based on a standard activity level.