Yes
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A budget "variance" is the difference between planned and actual performance.
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
No. Neither the standard deviation nor the variance can ever be negative.
No.
No. Variance is always positive and so the sum of variances must also be positive.