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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. Variance analysis can be carried out for both costs and revenues.
According to the PMBOK (7th edition) by the Project Management Institute (PMI), Cost variance (CV) is a "The amount of budget deficit or surplus at a given point in time, expressed as the difference between the earned value and the actual cost." [19] Cost variance compares the estimated cost of a deliverable with the actual cost. [20]
Favourable variance "exists when the difference between the budgeted and actual figure leads to a higher than expected profit". [14] Rather than considering all variances, managers establish criteria to determine which variances are significant to focus on.
In probability theory and statistics, variance is the expected value of the squared deviation from the mean of a random variable. The standard deviation (SD) ...
Management accounting information differs from financial accountancy information in several ways: . while shareholders, creditors, and public regulators use publicly reported financial accountancy, information, only managers within the organization use the normally confidential management accounting information
The 5% Value at Risk of a hypothetical profit-and-loss probability density function. Value at risk (VaR) is a measure of the risk of loss of investment/capital.It estimates how much a set of investments might lose (with a given probability), given normal market conditions, in a set time period such as a day.
Jesse Eisenberg Doesn't Want to Be 'Associated' with Mark Zuckerberg After “Social Network”: He's Doing 'Problematic' Things
A business analyst's job description tends to include "creating detailed business analysis, outlining problems, opportunities and solutions for a business, budgeting and forecasting, planning and monitoring, variance and analysis, pricing, reporting, and defining business requirements and reporting back to stakeholders". [3]