Management Science and Operations Research Both Involve

question 27

Multiple Choice

Management science and operations research both involve

• A)qualitative managerial skills.
• B)quantitative approaches to decision making.
• C)operational management skills.
• D)scientific research as opposed to applications.

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Definitions:

Standard Cost

A predetermined cost of manufacturing a product or providing a service, used as a benchmark to measure performance and efficiency.

Volume Variance

The difference between the planned volume of production or sales and the actual volume, which can affect costs and revenue.

Overhead

Indirect costs associated with running a business that can't be directly attributed to a specific product or service, such as utilities and rent.

Standard Costs

Predetermined costs for materials, labor, and overhead used as benchmarks in budgeting and performance evaluation.