you have to first find the Mean then subtract each of the results from the mean and then square them. then you divide by the total amount of results and that gives you the variance. If you square root the variance you will get the standard deviation
Explain DOE interms of ANOVA
Favourable variance is that variance which is good for business while unfavourable variance is bad for business
Standard costing and variance analysis is used to measure performance in the work place. It an?æeffective tool because it provides feedback to workers, and motivates people to work harder.?æ
Negative price variance is when the cost is less than budgeted. Volume variance is a variance in the volume produce.
efficiency variance, spending variance, production volume variance, variable and fixed components
There are 7 variances associated with a budget ( which are generally calculated for controlling purposes) 1- Material Price variance 2- Material Quantity variance 3- Labor rate variance 4- Labor efficiency variance 5- Spending variance 6- Efficiency variance 7- Capacity variance
Variance
Unequal in Variance
Equal in Variance
Since Variance is the average of the squared distanced from the mean, Variance must be a non negative number.
It means the difference between the budgeted or estimated direct labour cost at the start of work activity with the actual direct labour cost at the end of activity or fiscal year. If budgeted cost is more then the actuall then it is favourable variance otherwise it is unfavourable direct labour cost variance
The unaccounted for variance aka Error Variance, is the amount of variance of the dependent variable (DV) that is not accounted for by the main effects/independent variables (IV) and their interactions.