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Labour is one of the most important cost components in a manufacturing concern. It directly attributes to the cost of the product. Hence, the efficiency of the labour directly contributes to the manufacturing cost. Higher is the efficiency lower is the product cost and vice versa.
There are two types of work force mainly: Direct labour: This is also called the variable labour and hence constitutes the variable cost of the product and directly proportional to the volume which is also the subject matter of this project. Indirect Labour: This does not vary proportionately to the volume and not directly involved in the production.