variance
Definition 1
A measure of the average distance between each of a set of data points and their mean value; equal to the sum of the squares of the deviation from the mean value.
Definition 2
In accounting, the difference between the actual cost and the standard cost for direct material, labor and overhead.
A measure of the average distance between each of a set of data points and their mean value; equal to the sum of the squares of the deviation from the mean value.
Definition 2
In accounting, the difference between the actual cost and the standard cost for direct material, labor and overhead.
Related Terms
Related Terms on BusinessDictionary
fixed production overhead variance
fixed production overhead volume capacity variance
direct material variance
expenditure variance
variable production overhead efficiency variance
direct labor efficiency variance
direct material price variance
direct material usage variance
fixed production overhead volume efficiency variance
sales volume variance
Pareto chart
variance analysis
direct labor rate variance
direct labor total variance
management accounting
analysis of variances (ANOVA)
balancing feedback
Bayesian statistics
fixed production overhead expenditure variance
cross-sectional data
horizontal analysis
fixed production overhead volume variance
inventory variance
labor idle time variance
fixed production overhead volume capacity variance
direct material variance
expenditure variance
variable production overhead efficiency variance
direct labor efficiency variance
direct material price variance
direct material usage variance
fixed production overhead volume efficiency variance
sales volume variance
Pareto chart
variance analysis
direct labor rate variance
direct labor total variance
management accounting
analysis of variances (ANOVA)
balancing feedback
Bayesian statistics
fixed production overhead expenditure variance
cross-sectional data
horizontal analysis
fixed production overhead volume variance
inventory variance
labor idle time variance
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