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A predetermined calculation of how many costs should be under specified working conditions. It is built up from an assessment of the value of cost elements and correlates technical specifications and the quantification of materials, labour and other costs to the prices and/or wages expected to apply during the period in which the standard cost is intended to be used. Its main purposes are to provide bases for control through variance accounting, for the valuation of work in progress and for fixing selling prices.

ITIL. Glossaries © Crown Copyright Office of Government Commerce. Reproduced with the permission of the Controller of HMSO and the Office of Government Commerce

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