Planning and operational variances
ID:CVPOV
Video Overview
In the conventional approach to variance analysis, the actual costs and profits are compared to the standard costs and profits. Such deviations are called variances. These variances can either be favourable or unfavourable. Planning and operational variances provide a more detailed analysis of each variance calculated in the conventional way. The logic behind theses variances is that each variance calculated in the conventional way is either due to the fact that inaccurate standards were set (these are the planning variances) or the actual results deviated from the revised standards, these are the operational variances. This tutorial will discuss planning and operational variances.
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