variance analysis

Also found in: Dictionary, Thesaurus, Medical, Legal, Encyclopedia.

Related to variance analysis: standard costing

Fig. 88 Variance analysis. The relationship of the main cost variances.

variance analysis

the breakdown of differences between the STANDARD COST (revenue) of a product and its comparable actual cost (revenue) into their constituent parts. Variance analysis highlights matters which are not proceeding to plan, enabling managers to take corrective action to deal with losses or inefficiencies. The main variances are MATERIALS-COST VARIANCE, the LABOUR-COST VARIANCE, the OVERHEAD-COST VARIANCE and the SALES-REVENUE VARIANCE. Fig. 88 shows the main cost variances and how they are linked.

Mentioned in ?

References in periodicals archive ?

According to variance analysis, the cultivarsSX-689 and Mocejon-I were also found to be as similar varieties and their specific shearing energies were greater than the other cultivars (P < 0.

DETERMINING THE PHYSICO-MECHANICAL CHARACTERISTICS OF MAIZE STALKS FORDESIGNING HARVESTER

The variance analysis showed significant difference, with a confidence level of 95% probability in April, when the average temperature in the warehouses with curved vents and vents + static exhaust systems were compared.

Bulk soybean grain mass temperature in warehouses with isolated vents and vent-exhaust combined systems/Temperatura da massa de graos de soja a granel em armazens com respiros isolados e em conjunto com exaustores

Based on the variance analysis of both experiments, we determined the following genetic parameters:

Genetic parameters and productivity of quinoa in Western Parana State, Brazil/Parametros geneticos e produtividade de quinoa no oeste do Estado do Parana, Brasil

Variance analysis results show that there is no significant relation between different altitude and addition of various mulch types to leaves length of 'lembah palu' shallot.

Effect of altitude and mulch type on growth, yield and quality of 'lembah palu' shallot variety

An Active Learning Approach to Teaching Variance Analysis to Accounting Students, e-Journal of Business Education & Scholarship of Teaching, 8(2), 69-75.

Editorial

Having established a stronghold, we went on to consolidate it, making long-term plans for monitoring the business's progress more closely and realigning it when needed; tightening internal controls; and implementing variance analysis, management by exception, credit analysis, risk mitigation and continuous work-study improvements.

Led by finance: in 2009 a Sri Lankan food and drink manufacturer called Ceylon Cold Stores was struggling to preserve its share of a toughening market. The firm's sector financial controller at the time, Daminda Gamlath, explains how it turned the situation around

Burts Potato Chips is able to readily carry out variance analysis, from purchase price to production costs, as well as retrospective stock valuation and comprehensive sales and product analysis--all of which was previously very cumbersome.

Buds Potato Chips savours greater efficiency

Cost variance analysis begins with the accounting processes of determining theoretical costs, setting cost standards, collecting actual costs, and ending with evaluating performance.

Managing meal costs: Variance generation, analysis, and interpretation

Identifying variances and the causes behind them is now made easier with a new Variance Analysis module; future variances can be reduced by providing the justification required to update models, plans and schedules.

Production management software update

Since implementation, the variance analysis for spend has improved from 50/0 to to0/0 to a 2% variance.

Spending transparency: Sprint Nextel

In addition, these S / N ratios, in determining of variance analysis of the experimental work, have a major role.

The optimization of cutting parameters for surface roughness in tangential turn-milling using Taguchi method

The survey did not ask the CMA's if they used standard costing methods but rather if they performed variance analysis on production inputs of direct material, direct labor, variable overhead and fixed overhead.