Business, Legal & Accounting Glossary
In standard costing and budgetary control this refers to the analysis of variances in order to determine their causes. The total profit variance or production cost variance is analysed into sub-variances to indicate the major reasons for differences between budgeted figures and actual outcomes.
ANOVA – Acronym for analysis of variance.
In standard costing and budgetary control this refers to the analysis of variances in order to determine their causes.
The total profit variance or production cost variance is analysed into sub-variances to indicate the major reasons for differences between budgeted figures and actual outcomes.
The main sub-variances include:
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This glossary post was last updated: 6th January, 2020 | 159 Views.