We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Nobody downloaded yet

The Need for Variance Analysis - Term Paper Example

Comments (0)
Summary
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…
Download full paper
GRAB THE BEST PAPER
The Need for Variance Analysis
Read TextPreview

Extract of sample
"The Need for Variance Analysis"

Download file to see previous pages Baker and Baker (2014) define variance as "The difference between standard and actual prices and quantities" (p. 201), and variance analysis as "Analysis of these differences" (p. 201). Variance analysis underscores or brings attention to deviations from what was initially intended. It is only after deviations have been identified that adequate and effective decisions can be made by the individuals in management positions (Baker and Baker, 2014). According to Berger (2011), lack of conducting a variance analysis may prompt leaders to overlook areas causing these deviations and hence fail to make relevant decisions. For variance analysis to be performed, a prior formulation of standards ought to be conducted, for instance, budgetary targets (Baker and Baker, 2014). This shows that variance analysis drives managers and other leaders to set targets or standards in advance. Decision making goes hand-in-hand with accountability in that individuals overseeing areas proved by the variance analysis to be causing the variations are answerable. Therefore, departmental heads are forced to make effective decisions and implement relevant strategies that forces them to operate within the budget (Berger, 2011).
In the case study, new procedures for discharging patients have been implemented. A variance analysis conducted after six months showed that costs were running 25 percent higher than was expected. After conducting the variance and proving that there is actually a deviation from the budget by 25 percent, the next step would be to identify the causes of the deviation (Berger, 2011). There are many areas that may cause the deviation, for instance, extended working hours that increase the cost of labor. After identifying the cause of the deviation, then my next step would be to evaluate action plans under implementation to determine their effectiveness and investigate how they can be improved (Berger, 2011). If the action plans ...Download file to see next pagesRead More
Comments (0)
Click to create a comment or rate a document
CHECK THESE SAMPLES - THEY ALSO FIT YOUR TOPIC
Analysis of Unit Assessment
To determine the learning level of the students, an assessment was devised that measured the students’ ability to apply different mathematical concepts to real world applications. The objectives after the completion of the course are to learn how to apply number analysis, knowledge, application and comprehension of mathematical concepts.
15 Pages(3750 words)Term Paper
The Correlation between Unemployment and Divorce Rates in the United States
12 Pages(3000 words)Term Paper
Analysis
But like all companies, M&S also had its ups and downs because staying in the top lead is not an easy game in today’s ever-growing and constantly changing market. Business Environment & Strategic Capability Analysis The analysis of business environment is an important procedure done regularly by the companies.
12 Pages(3000 words)Term Paper
Need to have a great topic for this term papeer
The lyrics of this music, when close read, shows that dance-hall culture and music is political and gives the oppressed a voice in their struggle to maintain humanity in areas where they face economic injustices. While the lyrics are misogynistic, homicidal and homophobic, Cooper contends that they worship and celebrate the female, thus giving them a measure of liberation.
6 Pages(1500 words)Term Paper
Economic Analysis for the Motion Picture Industry
Thus, relatively few of the numerous movies produced are box-office blockbusters. However, higher quality productions with a concept with mass appeal, a star cast, good budget, screenplay, effects etc. can become a blockbuster if good word of mouth and reviews propel marketing and advertising efforts.
7 Pages(1750 words)Term Paper
Why We Need The Exclusionary Rule
The Exclusionary Rule Name: Institution: Course: Tutor: Date: Why We Do Not Need the Exclusionary Rule Introduction The legality and sustainability of the evidence employed in court is dependent on various factors. Such evidences are critical in the criminal justice procedures because of the far reaching implications that they have on the well being of the suspect.
7 Pages(1750 words)Term Paper
SPSS Analysis & Methodology Section
For the sake of clarity in the methodological aspects, key research objectives are needed to remember in the following fashion; • To explain the current prospective of social networks utilisations globally and in Middle East, and especially Saudi Arabia • To examine the usage of social networking websites such as Facebook and twitter etc.
14 Pages(3500 words)Term Paper
Need you to choose
Delta Engineering Company, a 23 year old paper manufacturing company which manufactures two types of paper Cream Wove and Maplitho, is a medium scale industry in Andhra Pradesh, India, which produces nearly 18 tons of
5 Pages(1250 words)Term Paper
Variance analysis
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
2 Pages(500 words)Essay
Is there a need for reform in Albany
According to experts, the numerous cases of misconduct are a clear indication that reforms are urgently required in Albany (Medina). This paper lists some of the current
8 Pages(2000 words)Term Paper
Let us find you another Term Paper on topic The Need for Variance Analysis for FREE!
Contact us:
+16312120006
Contact Us Now
FREE Mobile Apps:
  • About StudentShare
  • Testimonials
  • FAQ
  • Blog
  • Free Essays
  • New Essays
  • Essays
  • The Newest Essay Topics
  • Index samples by all dates
Join us:
Contact Us