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analysis of cost variances [1 record]

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Alphabetical list of terms

Record 1 1979-08-09

English

Subject field(s)
  • Operations Research and Management
  • Organization Planning
  • Cost Accounting
OBS

Effective variance analysis requires not only the determination of variances but also a knowledgeable interpretation of these variances; in other words: it is not enough for management to know that a variance exists, the reason for the variance must be known in order to take appropriate action. Analysis of variances enables management to isolate the causes, to concentrate their attention on specific areas which have affected the profitability of the business and to assign responsibility for correction to the person or persons responsible.

OBS

cost variance: The difference between a budgeted cost or standard cost and comparable actual cost incurred during a period.

French

Domaine(s)
  • Recherche et gestion opérationnelles
  • Planification d'organisation
  • Comptabilité analytique

Spanish

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