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Variances can be divided according to their effect or nature of the underlying amounts. When effect of variance is concerned, there are two types of variances: When actual results are better than expected results given variance is described as favorable variance. In common use favorable variance is denoted by the letter F - usually in ...
Sales volume variance can be considered favorable or unfavorable. Causes of sales volume variance include changes in competition and sales prices, changes in consumer desires (i.e. fashion trends over time), and impositions or removals of government trade restrictions. [2]
Analysers consider two types of variances: adverse variance and favourable variance. Adverse variance "exists when the difference between the budgeted and actual figure leads to a lower than expected profit". [14] Favourable variance "exists when the difference between the budgeted and actual figure leads to a higher than expected profit". [14]
The company produced 2000 units of product A during the month. The labor efficiency variance is (4500 - 5000) x $14 = $7000, where 5000 hours = 2.5 hours x 2000 units of output. This variance is favorable since the actual hours used are less than the standard hours allowed.
The Sukhatme test applies to two variances and requires that both medians be known and equal to zero. The Mood, Klotz, Capon and Barton–David–Ansari–Freund–Siegel–Tukey tests also apply to two variances. They allow the median to be unknown but do require that the two medians are equal. The Lehmann test is a parametric test of two ...
Price variance (Vmp) is a term used in cost accounting which denotes the difference between the expected cost of an item (standard cost) and the actual cost at the time of purchase. [1]
In swing states, where Biden doesn't have a big Democratic cushion to protect him, the impact of independent and third-party candidates could be enough to swing the outcome to Trump.
Equality (or "homogeneity") of variances, called homoscedasticity—the variance of data in groups should be the same. The separate assumptions of the textbook model imply that the errors are independently, identically, and normally distributed for fixed effects models, that is, that the errors ( ε {\displaystyle \varepsilon } ) are ...