Business Studies Unit 2 Definitions

Workload

The amount of work assigned to a particular worker, normally in a specified time period

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Workforce Role

The tasks involved in a particular level or grade of job

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Waste

A cost of production - sub-standard completed output or raw materials which are not retained in the production process

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Variance

The difference between the budgeted amount and what actually happens. A variance can be “positive” (favourable) or “negative” (adverse)

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USP

Unique Selling Point - a feature of a product or service that makes it stand out compared with the competition.

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Unit Cost

The average production cost per unit

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The tasks involved in a particular level or grade of job

Workforce Role

A cost of production - sub-standard completed output or raw materials which are not retained in the production process

The difference between the budgeted amount and what actually happens. A variance can be “positive” (favourable) or “negative” (adverse)

Unique Selling Point - a feature of a product or service that makes it stand out compared with the competition.

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