Product Suite

Supply Chain Glossary - S

Supply Chain Glossary - S

statute of limitations

A statute restricting the length of time in which a lawsuit may be filed.

A budget that establishes anticipated targets at which an operation will perform for each step or level of production. A step budget can be likened to several different fixed budgets. This method of budgeting is useful because most of the manufacturing overhead expenditures vary in steps, not as a straight line. See: flexible budget.


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