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Meaning of variance

 

 

 

Variance

 

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Business glossary

 

Meaning of term variance :

 

Variance analysis is used to explore the difference between the plans that a firm made beforehand and the actual outcome. It is a useful tool for analysing the success of a strategy. A variance is the difference between a planned value for a variable and the actual outcome. A firm may want to calculate sales variances, profit variances, production variances or any number of other variables. A variance will either be favourable (the outcome was better than the plan) or adverse (the outcome was worse than the plan).

 

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Variance

 

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Meaning of term variance

 

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