Discover how efficiency variance reveals the gap between expected and actual inputs in production and its impact on labor, materials, and costs.

Negative revenue variance occurs when revenues from a business project are lower than expected. This may occur because the expected budget was different from the actual budget and the return on ...

Even the best budgets rarely turn out exactly the way that planners expect. Whenever you're planning in advance for a period of time, you'll inevitably make some mistakes in your estimates, and it's ...

Mary Hall is a editor for Investopedia's Advisor Insights, in addition to being the editor of several books and doctoral papers. Mary received her bachelor's in English from Kent State University with ...

Facilities that focus on manufacturing and production track two kinds of costs: fixed costs and variable costs. The variable costs are those that change when production levels change: raw materials, ...

There are a few management essentials every restaurateur needs to know to run a successful business. Tracking your exact food and beverage costs, actual usage and sales—and analyzing the differences ...

Financial variance is the difference between budgeted and actual spending. Positive variance means spending less, negative indicates overspending. Regular monitoring reduces surprises and improves ...