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What are some concepts behind variance analysis?

Variance analysis is usually associated with explaining the difference (or variance) between actual costs and the standard costs allowed for the good output. For example, the difference in materials costs can be divided into a materials price variance and a materials usage variance.

What is the importance of variance analysis?

Variance analysis is the quantitative investigation of the difference between actual and planned behavior. This analysis is used to maintain control over a business. For example, if you budget for sales to be $10,000 and actual sales are $8,000, variance analysis yields a difference of $2,000.

What is standard costing and variance analysis?

Standard Costing and Variance Analysis. Standard costing is the establishment of cost standards for activities and their periodic analysis to determine the reasons for any variances. Standard costing is a tool that helps management account in controlling costs.

What are the assumptions of analysis of variance?

The assumptions underlying the mean-variance analysis are summarized below: Investors are risk averse in that they prefer higher return for a given level of risk (variance, standard deviation), or they want to minimize risk for a given level of returns. The degree of risk aversion may vary from investor to investor.

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