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Earn +20 ptsQ: What is idle time variance?
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What is the definition of the idle time variance?
machine breakdown, non ability material, illness
When a coin is tossed four time then mean and variance of the number of the head?
Mean = 2. Variance = 1.
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 calculate the mean and variance of a poisson distribution as a function of time t?
Divide the total number of incidents by the total time. The result, representing the average number of incidents per unit of time, is the mean as well as the variance of the Poisson distribution.
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
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