Using Variance Analysis LO9 Review the following incomplete statements about the

Question

Using Variance Analysis LO9 Review the following incomplete statements about the use of variance analysis. a. Variance analysis has a number of_when it is used in a modern manufacturing environment. b. The focus of traditional variance analysis is_rather than on customer service, delivery time and other nonfinancial measures. C. Management by exception suggests that it is_necessary to investigate all variances. d._is a likely result of using ideal standards when managers continually face unfavorable variances e. In order to interpret variances, the_must be determined Required Complete the preceding incomplete statements with the correct term from the following list of terms provided (note that not all terms will be used): absolutely, advantages, competition, cost control, drawbacks, not, product quality, resentment, underlying cause

Explanation / Answer

Answer:- Variance analysis has a number of drawbacks when it is used in a modern manufacturing environment.

b. The focus of traditional variance analysis is cost control rather than on customer service, delivery time, and other nonfinancial measures.

c. Management by exception suggests that it is not necessary to investigate all variances.

d. Product quality is a likely result of using ideal standards when managers continually face unfavourable variances.

e. In order to interpret variances the underlying cause must be determined.

  

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