Discover how efficiency variance reveals the gap between expected and actual inputs in production and its impact on labor, materials, and costs.

Facilities that focus on manufacturing and production track two kinds of costs: fixed costs and variable costs. The variable costs are those that change when production levels change: raw materials, ...

Variance analysis, also described as analysis of variance or ANOVA, involves assessing the difference between two figures. It is a tool applied to financial and operational data that aims to identify ...

Christenson, Charles. "Managing against Expectations (A): An Introduction to Profit Variance Analysis." Harvard Business School Background Note 182-013, July 1981.

A categorical variable is defined as one that can assume only a limited number of values. For example, a person's sex is a categorical variable that can assume one of two values. Variables with levels ...

Marshall Hargrave is a stock analyst and writer with 10+ years of experience covering stocks and markets, as well as analyzing and valuing companies. Dr. JeFreda R. Brown is a financial consultant, ...