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Variance analysis, in budgeting or management accounting in general, is a tool of budgetary control and performance evaluation, assessing any variances between the budgeted, planned, or standard amount, and the actual amount realized.
Waterfall charts can be used for various types of quantitative analysis, ranging from inventory analysis to performance analysis. [4] Waterfall charts are also commonly used in financial analysis to display how a net value is arrived at through gains and losses over time or between actual and budgeted amounts. Changes in cash flows or income ...
There are two reasons actual sales can vary from planned sales: either the volume sold varied from the expected quantity, known as sales volume variance, or the price point at which units were sold differed from the expected price points, known as sales price variance. Both scenarios could also simultaneously contribute to the variance.
The radar chart is a chart and/or plot that consists of a sequence of equi-angular spokes, called radii, with each spoke representing one of the variables. The data length of a spoke is proportional to the magnitude of the variable for the data point relative to the maximum magnitude of the variable across all data points.
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An important part of standard cost accounting is a variance analysis, which breaks down the variation between actual cost and standard costs into various components (volume variation, material cost variation, labor cost variation, etc.) so managers can understand why costs were different from what was planned and take appropriate action to ...
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BCWS is the sum of the budget items for all work packages, planning packages, and overhead which was scheduled for the period, rather than the cost of the work actually performed. BCWP is also contrasted to Actual Cost of Work Performed (ACWP) which measures the actual amount spent rather than the budgeted estimates.