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What is the difference between negative price variance and volume variance?
Negative price variance is when the cost is less than budgeted. Volume variance is a variance in the volume produce.
How to calculate the Budget variance percentage?
how to calculate budget variance percentage?
Which action is not an appropriate response when a negative variance exceeds the variance threshold?
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What is a positive or negative variance of a budget?
A variance is the difference between the projected budget and the actual performance for a particular account. A negative variance means that the budgeted amount was greater than the actual amount spent. A positive variance means that the budgeted amount was less than the actual amount spent. Note there is some debate over whether a negative variance means an underrun or an overrun. The Project Management Institute, however, endorses the accepted convention that a negative variance is a bad thing, and a positive variance a good thing.
Distinguish between analysis of variance and analysis of covariance?
) Distinguish clearly between analysis of variance and analysis of covariance.
What is inventory variance report?
An inventory variance report shows the difference between previous recorded inventory quantity and correct inventory quantity which is discovered immediately after a physical count. It also reports on the value difference the quantity variances caused.
What variance in a comprehensive performance report using the flexible budget concept is most appropriate for measuring efficiency of operations?
The most appropriate variance in a comprehensive performance report using the flexible budget concept for measuring operational efficiency is the "Efficiency Variance," often referred to as the "Usage Variance" or "Input Variance." This variance assesses the difference between the actual input used and the expected input based on the flexible budget for the actual level of activity. It highlights how well resources are utilized relative to what was budgeted, thereby providing insights into the effectiveness and efficiency of operations. Analyzing this variance helps identify areas for improvement in resource management and operational processes.
What is discrepancy report of a hotel?
a report that notes any variance between housekeeping and front desk room status updates.It often alerts management to investigate the possibility of skeepers.
What is inventory variance?
An inventory variance report shows the difference between previous recorded inventory quantity and correct inventory quantity which is discovered immediately after a physical count. It also reports on the value difference the quantity variances caused.
What difference between a favorable variance and an unfavorable variance?
Favourable variance is that variance which is good for business while unfavourable variance is bad for business
What is the difference between negative price variance and volume variance?
Negative price variance is when the cost is less than budgeted. Volume variance is a variance in the volume produce.
What are the variances in a 4 variance analysis?
efficiency variance, spending variance, production volume variance, variable and fixed components
What factors causes Budget Variance?
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
What is a variance analysis report?
A variance analysis report is a financial document that compares actual performance against budgeted or forecasted performance. It highlights discrepancies, or variances, between the two, helping organizations identify areas of overperformance or underperformance. The report typically breaks down variances into categories such as revenue, expenses, and profit margins, providing insights for better decision-making and strategic planning. Overall, it serves as a tool for assessing financial health and operational efficiency.
Where can one find information about the variance model RiskMetrics?
One can find informatoin about RiskMetrics variance model online at wikipedia. It was first established in 1989 by the chairman of J.P. Morgan, Sir Dennis Weatherstone. RiskMetrics is a daily report measuring and explaining current risks to the business.
Which is not a measure of dispersion range or variance?
Variance
What is Assumptions for Variance Heterogeneous?
Unequal in Variance
