Labor price variance, or direct labor rate variance, measures the difference between the budgeted hourly rate and the actual rate you pay direct labor workers who directly manufacture your products.

Direct labor standard price lets you estimate your direct labor costs for production or services according to the Corporate Finance Institute. This lets you know how many employees you need to ...

Investopedia contributors come from a range of backgrounds, and over 25 years there have been thousands of expert writers and editors who have contributed. Investopedia / Ryan Oakley The cost of labor ...