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Variance Analysis

2 pages (500 words)
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... July 28, Variance Analysis Introduction Variance analysis compares both actual performance and standards (Zimmerman, ). Standards serve as guides for the line and staff employees. Favorable or unfavorable outcomes occur. The important variance analysis management tool enhances performance.
Price Variance Analysis
As an example of materials’ price variance analysis, the Obama Company sets the standard purchase price for each raw material Ziplock piece at $ 2.50 (Zimmerman, 2014). Consequently, the purchasing department strives to find a supplier having a raw material price of $2.50 or even lower. If the Obama Company purchases from Bush Company offering Ziplock at $ 2.65 per piece, an unfavorable vari...

Variance Report

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... Variance Report Variance Report The key factors to consider when writing the variance report would be the determination of the trends in expenditure within the firm. I would provide a detailed report of the sequence of expenditure items in the financial periods leading up to the point in time when salaries were high and the supplies low. This report would include specific details about the extraneous expenditure items and the miscellaneous items that would have influenced the wage bill within the organization. The determination of the impact of these items would provide a logical explanation of the causative factors within the expenditure bracket. Usually, structural factors or technical flaws could ...

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Variance analysis

2 pages (500 words)

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... Micro Strategy Variance Analysis Results According to the variance analysis, the company recorded excellent performance in the three years. For instance, in 2006, the total profits of the company escalated by $182,804. This is more than anticipated. Moreover, in 2007 the total profits increased by $ 1,514,654, whereas in 2008 the total profits increased by $324,737 (table1).
Also, the company’s total revenue during the three years increased as well. In this regards, there was a rise of $1,454,342 in the company’s total revenue in 2006. In 2007, there was commendable increase by $1,614,246 whereas in 2008, the total revenues increased by $1,849,417.
The overall costumers’ performance in 2008 was be...

Wilkerson Company Variance Analysis

5 pages (1250 words)

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... Head: Wilkerson Company Analysis Wilkerson Company Variance Analysis {Type Here} {Your Institute This paper isabout the reasons that caused the profits of Wilkerson Company to fall. In this paper I have used all the financial information that was given in the case and reached a conclusion. The conclusion was based on the comparisons of the data and my knowledge of the subject. I have also tried to give valid reasons for any discrepancy among the actual and budgeted data. In the end, I have concluded the main reason behind this fall in profit that Wilkerson Company is suffering from last few years.
Wilkerson Company recently suffered a heavy loss. However, one cannot give the real reasons behind this...

Hypothesis Testing & Variance

2 pages (500 words)
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... 4 – Hypothesis Testing & Variance Type Here American InterContinental Employee job satisfaction is a primary managerial concern. Using T test, it was found that gender does not affect intrinsic job satisfaction and that position does not affect extrinsic job satisfaction.
Introduction
Employee job satisfaction is among a manager’s important concerns. This report looks at the possible causes of differences in the intrinsic and extrinsic job satisfaction of employees. Specifically, this report uses statistical tools to find out if male and female employees have different degrees of intrinsic job satisfaction and if hourly and salaried employees have different degrees of extrinsic job satisfaction.
Hy...

Mean-Variance Analysis

6 pages (1500 words)

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... Finance and Accounting Mean-Variance Analysis and Portfolio Theory Executive Summary A collection of assets is constitutes a portfolio, which bearselements of risk and return. Therefore, controlling risk in investments is an important undertaking for portfolio managers. A method such as mean-variance analysis helps predict and reduce the amount of risk in an investment. Holding a mix of assets, otherwise known as portfolio diversification, is a key concept upon which successful investments in the business world gain greater practicability and predictability. The practical applications of portfolio theory abound in different segments of business and finance. This report seeks to explain the...

What Is Variance Analysis

6 pages (1500 words)

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... Is Variance Analysis?
The operating statement presented above plays a vital role in the identification of variances and explaining the reasons behind their occurrence. By preparing such operating statements, the management scrutinizes variances in order to, first of all, identify why they occurred in the and what remedial action can be taken in order to eliminate the situation. The variance analysis also assists the managers in rewarding efficient and effective performance of the labor force of the manufacturing concern. The role of supervision cannot be disregarded in such cases but variance reporting provides an aid to the supervisor in carrying out the control responsibilities. But it is of prime ...

Variable Overhead Variance

2 pages (500 words)

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... Teva sandals a company which sells sandals for water sports has undertaken variance analysis to achieve the profits planned while controlling the manufacturing overheads spending. Hence,
1. Variable overhead analysis for spending and efficiency,
2. Meaning and possible causes of such variances,
3. Explanation to the management and
4. Conclusion is considered to arrive at a solution.
Variable overhead analysis for spending and efficiency
Variable overhead spending variance = (Actual Machine Hours x Flexible budget Rate/hour) - Actual resultant overhead.
Actual Machine Hours = 67,500 (given), Standard rate/ hour = $30 (given) &
Actual resultant overhead = $1,950,000 (given).
Variable overhead spending...

Hypothesis Testing & Variance

2 pages (500 words)

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... Testing & Variance
Introduction.
A two tailed test of hypothesis at 5 percent significant level (μ = .05) is equal to inquiring whether the 95% interval of confidence for the means takes into consideration the hypothesized mean. Whenever the confidence interval includes the mean that is hypothesized an alternate or null hypothesis could be formulated. This implies that the null hypothesis cannot be ignored. This paper explores the t-tests and z-tests.
Test 1.
Hypothesis Test 1 looking at intrinsic satisfaction by Gender.
Alternate and null hypotheses.
H0: μ = 5.2 and H0 is not equal to 5.2. (alpha is 0.05)Table 1:
t-Test: Paired Two Sample for Means
Intrinsic
Gender
Mean
5.078788
1.5
Variance
0...

Minimum Variance Portfolio

2 pages (500 words)

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... Variance Portfolio
Variance refers to the rate of inconsistency in various related variables. In the context of this paper, portfolio refers to a group of stock that is possessed by an individual or firm. Therefore, minimum variance portfolio (MVP) refers to the least possible level of inconsistency in the rates of stock possessed in a stock market by an individual or firm. Minimum variance portfolio is important for the purpose of valuation and prediction of variables, such as stock.
For the purpose of this paper, the Microsoft Excel file attached will be the basis of our minimum variance portfolio. It shows the rates of stock for a year running. This MVP analysis was be preceded by the calculation ...

The Need for Variance Analysis

2 pages (500 words)

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... Need for Variance Analysis The need for variance analysis Introduction Adhering to the budget is imperative in any organizationin order to prevent overspending. In many cases, budget implementers find themselves spending more than the projected amounts in the initial budget. To determine the possible causes of overspending, variance analysis is inevitable (Baker and Baker, 2014). This paper describes the value of variance analysis in decision making and the next steps that i would need to take after variance analysis using a given case study.
Value of variance analysis in decision making
Before delineating the value of variance analysis in decision making, it is important to define variation and v...

One-way analysis of variance

4 pages (1000 words)

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... One-Way Analysis of Variance and One-way analysis of variance Introduction There are numerous forms of variance analysis including one-way Analysis of Variance (ANOVA), and two-way ANOVA among many others. One –way ANOVA is one of the many ways of analyzing data relationships. This method helps in analysing the difference between two or more sample means by sub-dividing the total sum of all squares. According to Montgomery (1997), this method helps in testing the significance of differences between classes by determining their variances. Basically, the basis of one-way ANOVA is to partition the sum of squares within and between classes. This method enables effective comparison of different classes...

Relevance of Standard Costing & Variance Analysis

4 pages (1000 words)
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... of Standard Costing & Variance Analysis Contents Contents 2 Introduction 3 Critical Analysis of Standard Costing & Variance Analysis 3 Conclusion 6 References 7 Bibliography 7 Introduction This project involves a critical analysis of the standard costing system and variance analysis in modern management. Due to shift in cost structures and factory automation the process of standard costing has been criticised due its declined relevance and contradiction with the modern manufacturing philosophy of JIT and continuous improvement. Critical Analysis of Standard Costing & Variance Analysis According to CIMA, standard costing is a technique to control costs by comparing the actual costs to the pre-set...

One-Way Analysis of Variance

1 pages (250 words)

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... Analysis of Variance with SPSS One-Way Analysis of Variance is used to test for differences between means of different categorical variables against a variable of interest (Cox, 2006; Creswell, 2009). For this cross sectional study, one way ANOVA can be used to conduct various tests. For this specific case, a test will be done to examine whether different groups of races have different mean ages.
Under this test, the following assumptions are made:
Independence of observations;
The observations are normally distributed
Homogeneity of variances (Frankfort-Nachmias & Nachmias, 2008; Miller, 1997)
Null and Alternative Hypothesis
The one-way ANOVA test will compare whether there is a significant differen...

Analysis of Variance Results

2 pages (500 words)
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... of Variance Results
Table 4.
Analysis of Variance for ADD-like Behavior among Participants in the Remedial, General and College Preparatory English Levels.
SS
df
MS
F
d
Sig.
Between Groups
3476.35
2
1738.17
18.5
.72
< .001
Within Groups
20012.14
213
93.95
Total
23488.48
215
The research wanted to answer the question: “Is there a difference in the ADD-like symptoms among participants in the remedial, general, and college preparatory English levels?” In order to answer this question, the following research hypotheses were constructed:
H0: µremedial = µgeneral = µcollegeprep
H1: The means are not all equal.
When considering the results for an Analysis of ...

Budget Variance Report for Hospital Department

3 pages (750 words)

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... Head: Variance Report Variance Report Variance Report Budget Variance Report for hospital department. The best practices needed to be adhered to when setting and managing health hospital budgets. These basically, include but not limited to using comparative benchmarks, setting up to date, high performance department budgets, establishing a cultural perspective of accountability, managing expenses such as salaries and supplies amicably, uphold monitoring variances and having corrective action plan and employing a balanced scorecard. Like many health systems departments usually trail to accomplish its operation targets with this case at hand of variation of higher salaries and much more than supplies ...

Relevance of Standard Costing & Variance Analysis

4 pages (1000 words)
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... Contents Contents 2 Introduction 3 Critical Analysis of Standard Costing & Variance Analysis 3 Conclusion 6 References 7 Bibliography 7 Introduction
This project involves a critical analysis of the standard costing system and variance analysis in modern management. Due to shift in cost structures and factory automation the process of standard costing has been criticised due its declined relevance and contradiction with the modern manufacturing philosophy of JIT and continuous improvement.
Critical Analysis of Standard Costing & Variance Analysis
According to CIMA, standard costing is a technique to control costs by comparing the actual costs to the pre-set standards to obtain variances which facilit...

Analysis of Variance

1 pages (250 words)
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... Introduction to Biostatistics November 14, Statistics Homework 6 Analysis of Variance a) The null hypothesis is , H0: The mean tensile strength is equal at different levels of weight percent of cotton.
(b) The assumptions of the ANOVA method include;
Normality of the populations from which the samples has been drawn
Equality of variance for all the samples i.e. Homoscedasticity
(c) Boxplots of the observations
#Let the cotton weights assume the alphabets as follows, 15=A, 20=B, 25=C, 30=D and 35=E
> Strength Weights Strength
[1] 7 7 15 11 9 12 17 12 18 18 14 18 18 19 19 19 25 22 19 23 7 10 11 15 11
> Weights
[1] A A A A A B B B B B C C C C C D D D D D E E E E E
Levels: A B C D E
> Tablets boxp...

Profit Variance Analysis A strategic Focu

3 pages (750 words)

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... Variance Analysis: A Strategic Focus Question Why is it inadequate and may be misleading to rely only on the analysis reported in Table 3 Answer 1:
The profit variance analysis is a method by which the net surplus of a Company during a particular period under review is judged in terms of managerial performance and effectiveness based on certain pre-set criteria and parameters.
"The approach is based on the dual ideas of profit impact as a unifying theme and a multi-level analysis in which complexity is added sequentially, one layer at a time. The analysis stops when additional complexity is not outweighed by additional 'actionable' insights." (Shank and Churchill, 1977. P 950-957).
Through this proc...

Cost Variance in Healthcare Organizations

5 pages (1250 words)

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... Variance in Healthcare Organizations Introduction Budget management is essential in different industries of an economy. This is because it enables organizations to operate with low costs while maintaining their effectiveness in service delivery. Budget management involves analysis and controlling of budget variance. According to Penner (2003), budget variance could be divided into profit variance, volume variance, price variance, and quantity variance. This paper explains a budget analysis of one of the healthcare organizations in the United States. The healthcare identified for analysis in this paper is the Center for Medicare and Medicaid Services. Like other healthcare organizations, the budget...

The Population Variance and Standard Deviation

2 pages (500 words)

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... Population Variance and Standard Deviation
Section 7.1
14. A sociologist found that in a sample of 50 retired men, the average number of jobs they had during their lifetimes was 7.2. The population standard deviation is 2.1.
a) Find the best point estimate of the population mean.
b) Find the 95% confidence interval of the mean number of jobs.
c) Find the 99% confidence interval of the mean number of jobs.
d) Which is smaller? Explain why?
Solution
a) Best point estimate of the population mean is
b) At 95% confidence interval, the confidence coefficient and the confidence interval is given by
c) At 99% confidence interval, the confidence coefficient
d) The 95% confidence interv...

A Complete Specification of the Asymptotic Variance

6 pages (1500 words)

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... Complete Specification of the Asymptotic Variance
1) Continuation of question 1, Assignment 1. In answering question 1 of Assignment 1, you showed that the maximum likelihood estimator of the parameter λ of the Poisson distribution is the sample mean, . Using of Theorem 14.1 of Greene (2012), find the asymptotic distribution of this estimator. (Your answer should include a complete specification of the asymptotic variance of the estimator.)
SOLUTION
Fitting a Poisson distribution (misspecified case)
The variance of the MLE can be approximated by
Using the formulas for the first and second derivative, we find that
...

One-Way Analysis of Variance with SPSS

5 pages (1250 words)

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... Analysis of Variance with SPSS For this test for differences between the three groups, the ANOVA test will be used. Under this test, the following assumptions are made:
Independence
The observations are normally distributed
Homogeneity of variances (Cox, 2006; Gelman, 2005; Neter et al., 1990)
For the assignment, the data in the Lesson 25 Data File 1 will be used, the data has one independent variable with three levels and one dependent variable. Descriptive statistics of the data is shown below:
diff
N
Mean
Std. Deviation
Std. Error
95% Confidence Interval for Mean
Minimum
Maximum
Lower Bound
Upper Bound
1
10
3.50
4.143
1.310
.54
6.46
-2
12
2
10
-2.10
4.067
1.286
-5.01
.81
-9
5
3
10
-2.00
5.477
1.73...

Required to perform an Analysis of Variance using SPSS

3 pages (750 words)

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... WAY Analysis of Variance using SPSS TWO WAY Analysis of Variance using SPSS Introduction In this study, anexperiment is carried out to determine the effectiveness of advertising a particular product with new local TV stations. To determine if there is significant difference in the mean comparison, it advisable to use the analysis of variance and if there is any significant difference we use the mean comparison procedure. In different parts of the country, advertisements are placed with either the local TV or a local radio station. The length of the advertisements is characterized as short, medium or long. Each combination of media and length is tested in four localities. The observed result is the...

Introduction to Estimation and Analysis of Variance

3 pages (750 words)
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... Using One – Way Analysis of Variance (ANOVA) Statistical techniques can be very useful in identifying and measuring the relationships shared by variables in an objective and an unbiased manner. Different statistics help us measure a verity of phenomena – for example – Correlation helps us measure the direction and intensity o the relationship shared by two or more variables; while the t-test helps to measure the generalisablity of a difference between two groups. When we have three or more groups that seem to differ on a single variable, and we wish to measure the significance of this difference; we use a statistic called the One – Way Analysis or Variance or ANOVA. The One -Way ANOVA is a...

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