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Hi, and very good morning, it could be glad if you can explain this statement because i could not understand clearly about this statement which is
“JIT and TQM environments limit the value of variances analysis, because price variations are only one component of total cost”
I don’t clearly understand the terms of “one component of total cost”
Thank you so much sir.
🙂
It means that changes in the total cost depend not just on how much the materials are costing us to buy but things like how much wastage of material there is.
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