Heritability is the statistical estimate of the proportion of the total variance in a trait that is attributed to genetic differences among individuals within a group. It provides a way to quantify the extent to which genetic factors contribute to individual differences in a specific trait within a population.

Heritability

Favourable variance is that variance which is good for business while unfavourable variance is bad for business

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