Getting our results back from last week’s test today, and handing in our Try 2s. Looks like an 89 on the test overall for me. I feel pretty good about the Try 2, so it’ll probably jump up to a low A. That’s useful. Actually, that Try 2 is going to have to be perfect to do me any good. I have credit for 8.5 of 9 in the problem section. Multiple choice was worse for me this time.
Chapter 10: Standard Costs
Standard costs let you evaluate whether a division or company is being a efficient as it should be. This can help distinguish superficially similar production rates.
A standard is a benchmark or a norm of performance. A standard should not be set at an unreasonable ideal. Practical standards should allow for good normal performance, rather than perfect performance.