Difference between revisions of "Variance"
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According to [[Cost Accounting by Horngren, Datar, Rajan (14th edition)]], | According to [[Cost Accounting by Horngren, Datar, Rajan (14th edition)]], | ||
:[[Variance]]. The difference between actual result and expected performance. | :[[Variance]]. The difference between actual result and expected performance. | ||
| + | According to [[Managerial Accounting by Braun, Tietz (5th edition)]], | ||
| + | :[[Variance]]. The difference between an actual figures and budgeted figures. | ||
==Related concepts== | ==Related concepts== | ||
Latest revision as of 19:50, 16 July 2020
Variance, σ2, is a measure of the distribution's variability. It is the sum of the squared deviations about the expected value.
Definitions
According to Financial Management Theory and Practice by Eugene F. Brigham and Michael C. Ehrhardt (13th edition),
- Variance, σ2. A measure of the distribution's variability. It is the sum of the squared deviations about the expected value.
According to Juran's Quality Handbook by Defeo (7th edition),
- Variance. The average squared deviation of each data point from the mean.
According to Cost Accounting by Horngren, Datar, Rajan (14th edition),
- Variance. The difference between actual result and expected performance.
According to Managerial Accounting by Braun, Tietz (5th edition),
- Variance. The difference between an actual figures and budgeted figures.
Related concepts
- Financial management. A combination of enterprise efforts undertaken in order to procure and utilize monetary resources of the enterprise.
