Product Suite

Supply Chain Glossary - S

Supply Chain Glossary - S

standard costs

The target costs of an operation, process, or product including direct material, direct labor, and overhead charges.

A measurement of dispersion of data or of a variable. The standard deviation is computed by finding the differences between the average and actual observations, squaring each difference, adding the squared differences, dividing by n - 1 (for a sample), and taking the square root of the result. See: estimate of error.


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