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What is budget variance?
A budget "variance" is the difference between planned and actual performance.
What is variance?
In most production management systems, a "Planned" quantity and material cost is calculated based on the associated Bill of Materials (BOM) and Operatons being performed (Route) creating labor and overhead related costs. The "Actual" quantities, material costs, and labor/overhead costs are issued to a Work in Process (WIP) account and the quantities/values of the produced items are recieved from the WIP account. A variance usually occurs when there is a difference between the issued material cost plus labor and overhead and the recieved material cost of the produced item. The reasons for these variances can be differences in planned vs actual quantities, differences in system or planned cost of materials, labor, or overhead vs actual cost, or any other potential reason for an unplanned difference.
What are the types of data needed to convert a planned order into a production order?
Material Number，Planned Order Number
How do you calculate production volume variance?
Production volume variance is calculated by taking the difference between the actual production volume and the budgeted production volume, then multiplying that difference by the standard fixed overhead rate per unit. The formula is: [ \text{Production Volume Variance} = (\text{Actual Units Produced} - \text{Budgeted Units}) \times \text{Standard Fixed Overhead Rate per Unit} ] This variance helps to assess how well the actual production aligns with planned production levels and the impact on fixed overhead costs.
When is volume variance nonzero?
Volume variance is nonzero when there is a difference between the actual level of production achieved and the expected or budgeted level of production. This occurs when actual sales volume deviates from the planned sales volume, leading to changes in fixed costs allocated per unit. If the actual output is greater or less than what was anticipated, the fixed costs per unit will differ, resulting in a volume variance.
What is the difference between planned and unplanned changed?
compare between planned and unplanned change
What is the difference between reserves and surplus?
A reserve is a planned amount, a surplus is unplanned.
What is budget variance?
A budget "variance" is the difference between planned and actual performance.
What is a budget variance?
A budget "variance" is the difference between planned and actual performance.
Is there a difference between doctor prescribed birth control pills and the kind you might get from Planned Parenthood?
Absolutely no difference. The only difference may be price.
Efforts Deviation means?
Difference between the actual and planned for a effort is known as effort deviation.
What the difference between planned value and earned value?
Planned Value is the authorized budget assigned to the scheduled work to be accomplished for a schedule activity or a work breakdown structure component Earned Value is the value of completed work expressed in terms of the approved budget assigned to that work for a schedule activity or work breakdown structure component.
Difference between incident and a service request?
Incident is not planned and means that the service is disrupted, Service Request has a planned process or procedure ready to be executed, for example password reset.
What is the difference between actual end date and planned end date?
A planned end date - is an predicted estimation of when something is to cease. An actual end date - is the confirmed end.
What is the difference between an event organizer and a venue?
event organizer - organises an event venue - is where an event is planned to occur
Calculate a effort variance as a percentage?
(Actual Effort -Planned Effort)/Planned Effort * 100
What is the difference between planned and unplanned budget?
A planned budget is one that is structured and has been well thought out. An unplanned budget is one that pays bills and expenses as they come without a preset plan.
