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What is budget variance?
A budget "variance" is the difference between planned and actual performance.
The difference between variance and standard deviation?
The SD is the (positive) square root of the variance.
What do you mean by labor cost variance?
Labor cost variance means the difference between standard labor cost and actual labor cost.
Fixed-overhead budget variance?
Fixed overhead budgeted variance is the difference between estimated budgeted cost and actual fixed overhead cost of production.
What is a difference between a pooled variance and a combined variance?
Pooled variance is a method for estimating variance given several different samples taken in different circumstances where the mean may vary between samples but the true variance (equivalently, precision) is assumed to remain the same. A combined variance is a method for estimating variance from several samples, given the size, mean and standard deviation of each. Mathematically, a combined variance is equal to the calculated variance of the set of the data from all samples. See links.
