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Efficiency
A performance measurement that tracks actual vs. expected resource usage for a given volume or output. If labour costs for a given period are higher than expected, it could be due to: 1) a labour efficiency variance caused by using more labour hours for the amount of units produced than the standard or expected hours, or 2) a labour rate variance caused by using a more highly-paid group of workers than the standard.
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- Part of Speech: noun
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- Industry/Domain: Software
- Category: Supply chain
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