Variance
Variance
Glossary of business
Definition of variance
Variance analysis is used to explore the difference between the plans that a firm made beforehand and the actual outcome. It is a useful tool for analysing the success of a strategy. A variance is the difference between a planned value for a variable and the actual outcome. A firm may want to calculate sales variances, profit variances, production variances or any number of other variables. A variance will either be favourable (the outcome was better than the plan) or adverse (the outcome was worse than the plan).
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Terminology about business
Job world
Definition and meaning of variance
Meaning of variance
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