ACTUAL COST Definition

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ACTUAL COST is the amount paid for an asset; not its retail value, market value or insurance value.

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LP see LINEAR PROGRAMMING.

PRODUCTIVITY RATIO is the ratio of outputs to inputs. The closer the ratio is to 1.0, the higher the productivity; the closer the ratio is to 0.0, the lower the productivity. Productivity is important because it relates to an organizations ability to compete, and to the overall wealth and standard of living of a nation. Productivity is affected by work methods, capital, quality, technology, and management.

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