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What are the requirements of all linear programming problems?
Standard Rate
A predetermined cost for materials, labor, and overhead set for computing variances and budgeting purposes.
Direct Labor Hours
The total hours worked by employees directly involved in manufacturing a product or delivering a service.
Materials Price Variance
The difference between the actual cost of materials and the expected (standard) cost, used to evaluate budgeting efficiency.
Materials Quantity Variance
The difference between the actual quantity of materials used in production and the standard amount expected, multiplied by the standard cost.
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