Physical standard

Physical standard,

Definition of Physical standard:

  1. Non-monetary measurement of the quantity demanded in the production process. Physical standards provide (1) measurements on which to base production planning, planning and control, (2) methods for determining labor, material and machine requirements, (3) workload based on plant capacity Estimation method and 4). Basis for defining standard expenditures for cost control and budget estimates.

Meaning of Physical standard & Physical standard Definition