Why does management need to evaluate variances and make adjustments? How often do you think a standard should change?
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Why does management need to evaluate variances and make adjustments? How often do you think a standard should change?
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- Explain what is meant by the term management by exception. What is the relationship between the process of standard cost variance analysis and management by exception? Give some examples, positive and negative of management by exception.What causes an unfavorable variance?Consider variance analysis in a service industry. Is it a good thing to use or a bad thing to use? Why? What good behaviors could it encourage? What bad behaviors might it encourage? Consider a service industry you are familiar with or something like a call center or tax practice in your discussion.
- 1) Explain how standard costs are established? How do managers evaluate performance using cost variance analysis? 2) How do you make a decision in case of special order? Explain. Use examples if required.“The direction of a variance (favorable or unfavorable) is irrelevant in decisions regarding whetheror not to investigate the variance.” Do you agree? Why or why not?What do businesses need to make variance analysis useful?