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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
How do you use variance analysis?
When data is homogeneous over k independent samples of size n_i for i=1,2,...,k, the pooled variance is given by s_p^2=((n_1-1) s_1^2+(n_2-1) s_2^2+⋯(n_k-1) s_k^2)/(n_1+n_2+⋯+n_k-k)
To conduct a t test for independent means ideally the populations should be both normally distributed and have the same?
The other assumptions are listed in the related link. The answer you are looking for is the same variance or standard deviation.
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 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.
