One Mark Question:
Standards are set in quantitative as well as in qualitative terms. Identify the type of standards when it is set in terms of time to be spent.

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Solution

Standards are the criteria against which actual performance would be measured. Standards can be set in both quantitative as well as qualitative terms. Some of the qualitative standards are—cost to be incurred, product units to be produced, time to be spent in performing a task etc. Improving goodwill and motivation level of employees are examples of qualitative standards.

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