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Hello Sir.
Sir can you please tell me any benefit of Ideal standard.One possible benefit of using Ideal standard, that i personally believe is that, it could be complementary to Total Quality Management.
As one of the 3 principles of TQM is Continuous Improvement, therefore an ideal standard would challenge the status-quo and would the encourage the managers to continuously improve and aim towards the ideal standard.I remember B.P.P in it’s F2 study text has mentioned another benefit of Ideal standard which i couldn’t understood, I’d appreciate if you could explain the same as well.
“Variance from ideal standard are useful for management in pinpointing the areas where a close examination may result in large saving in order to maximize the efficiency and minimising wastage”Thankyou in advance
Thankyou Sir.
Sir can you please explain me the statement given in F2 study text. I’m unable to understand and interpret it.
If the actual spend is more than the ideal standard then as normal they will be looking to see how they can improve.
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