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Earn +20 ptsQ: Benefits of calculating budget variance
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What is budget variance?
A budget "variance" is the difference between planned and actual performance.
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
Can Budget variance be negative?
Yes
Calculating var through mean and standard deviation?
Assuming var is variance, simply square the standard deviation and the result is the variance.
How is variance used to measure risk?
In finance, risk of investments may be measured by calculating the variance and standard deviation of the distribution of returns on those investments. Variance measures how far in either direction the amount of the returns may deviate from the mean.
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