Which term means a quantity of output?

Which term means a quantity of output?

• A. Bid Documents
• B. Price
• C. Production
• D. Contingency

Answer: (C)

The term that indicates how much is produced is production—the quantity of output. In cost terms, production measures the actual amount of work completed or goods produced, expressed in units such as units, hours of service, or volume. This is different from price, which is the money value assigned to that output, bid documents, which are the procurement papers used to solicit proposals, and contingency, which is a budgeted reserve for unforeseen risks. For example, if a contractor completes 5,000 square feet of flooring in a week, that 5,000 square feet is the production, and costs would be tied to this quantity along with the price per unit.

The term that indicates how much is produced is production—the quantity of output. In cost terms, production measures the actual amount of work completed or goods produced, expressed in units such as units, hours of service, or volume. This is different from price, which is the money value assigned to that output, bid documents, which are the procurement papers used to solicit proposals, and contingency, which is a budgeted reserve for unforeseen risks. For example, if a contractor completes 5,000 square feet of flooring in a week, that 5,000 square feet is the production, and costs would be tied to this quantity along with the price per unit.