Labor price variance, or direct labor rate variance, measures the difference between the budgeted hourly rate and the actual rate you pay direct labor workers who directly manufacture your products.

When manufacturing products, a business should budget the time and necessary manpower to produce the products. This allows the company to estimate the total costs associated with the production of the ...

Discover how to calculate productivity by comparing business outputs to inputs. Learn about methods and techniques to enhance ...

Have you ever wondered what goes into making each car on the road? How do automotive manufacturers manage to produce vehicles at such an impressive pace? The answer lies in the fascinating concept of ...

Investopedia contributors come from a range of backgrounds, and over 25 years there have been thousands of expert writers and editors who have contributed. Erika Rasure is globally-recognized as a ...