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Setting materials, labor and overhead standards is challenging. If standards are

by | Aug 2, 2022 | Accounting | 0 comments

 

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Setting materials, labor and overhead standards is challenging. If standards are set too low, companies might purchase inferior products and employees might not work to their full potential. If standards are set too high, companies could be unable to offer a quality product at a profitable rate and employees could be overworked. The challenge is to set a high but reasonable standard. Assume that as a manager, you are asked to set the standard materials price and quantity for a new Intel computer chip, a technically advanced product. To properly set the price and quantity standards, you assemble a team of specialists to provide input.

Identify two types of specialists that you would assemble to provide information to help set both the materials price standards and the materials quantity standards. Discuss and explain why you chose each individual.

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