Fundamental Accounting Principles 22th Edition by John Wild ,Ken Shaw,Barbara Chiappetta

Exercise 12

Many service industries link labor rate and time (quantity) standards with their processes. One example is the standard time to board an aircraft. The reason time plays such an important role in the service industry is that it is viewed as a competitive advantage: best service in the shortest amount of time. Although the labor rate component is difficult to observe, the time component of a service delivery standard is often readily apparent-for example, "Lunch will be served in less than five minutes, or it is free."
Required
Break into teams and select two service industries for your analysis. Identify and describe all the time elements each industry uses to create a competitive advantage.