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Variance (accounting)
In Budget#Corporate_budget, budgeting, and management accounting in general, a variance is the difference between a budgeted, planned, or standard cost and the actual amount incurred/sold. Variances can be computed for both costs and revenues. The concept of variance is intrinsically connected with planned and actual results and effects of the difference between those two on the performance of the entity or company. Types of variances Variances can be divided according to their effect or nature of the underlying amounts. When effect of variance is concerned, there are two types of variances: * When actual results are better than expected results given variance is described as favorable variance. In common use favorable variance is denoted by the letter F—usually in parentheses (F). * When actual results are worse than expected results given variance is described as adverse variance, or unfavourable variance. In common use adverse variance is denoted by the letter U or the lett ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Budget
A budget is a calculation plan, usually but not always financial plan, financial, for a defined accounting period, period, often one year or a month. A budget may include anticipated sales volumes and revenues, resource quantities including time, costs and expenses, environmental impacts such as greenhouse gas emissions, other impacts, assets, Liability (financial accounting), liabilities and cash flows. Companies, governments, families, and other organizations use budgets to express strategic planning, strategic plans of activities in measurable terms. Preparing a budget allows Company, companies, Public authority, authorities, private entities or Family, families to establish priorities and evaluate the achievement of their objectives. To achieve these goals it may be necessary to incur a Deficit spending, deficit (expenses exceed income) or, on the contrary, it may be possible to save, in which case the budget will present a Surplus (economics), surplus (income exceed expense ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Flexible Budget
Flexible may refer to: Science and technology * Power cord, a flexible electrical cable. ** Flexible cable, an Electrical cable as used on electrical appliances * Flexible electronics * Flexible response * Flexible-fuel vehicle * Flexible rake receiver * Flexible AC transmission system * Semi-flexible rod polymer * Flexible algebra, in non-associative algebras, for example alternative algebras * Flexible polyhedron * Flexible single master operation Other uses * "Flexible", a song by Depeche Mode * Flexible mold * Flextime, a variable work schedule * Flexible spending account, a tax-advantaged savings account * Flexible baton round, fired as a shotgun shell * Flxible, originally the Flexible Sidecar Co. See also * Flexibility (other) * Bendable (other) * Rollable (other) Roll may refer to: Physics and engineering * Rolling, a motion of two objects with respect to each-other such that the two stay in contact without sliding * Roll angl ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Direct Material Usage Variance
In variance analysis, direct material usage (efficiency, quantity) variance is the difference between the standard quantity of materials that should have been used for the number of units actually produced, and the actual quantity of materials used, valued at the standard cost per unit of material. It is one of the two components (the other is direct material price variance) of direct material total variance. Example Let us assume that standard direct material cost of widget is as follows: :2 kg of unobtainium at € 60 per kg ( = € 120 per unit). Let us assume further that during given period, 100 widgets were manufactured, using 212 kg of unobtainium which cost €13,144. Under those assumptions direct material usage variance can be calculated as: Direct material usage variance can be reconciled to direct material total variance by way of direct material price variance: See direct material total variance#Example and direct material price variance#Example for ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Direct Material Price Variance
In variance analysis (accounting) direct material price variance is the difference between the standard cost and the actual cost for the actual quantity of material purchased. It is one of the two components (the other is direct material usage variance) of direct material total variance. Example Let us assume that the standard direct material cost of widget is as follows: :2 kg of unobtainium at € 60 per kg ( = € 120 per unit). Let us assume further that during the given period, 100 widgets were manufactured, using 212 kg of unobtainium which cost € 13,144. Under those assumptions direct material price variance can be calculated as: Direct material price variance can be reconciled to direct material total variance by way of direct material usage variance In variance analysis, direct material usage (efficiency, quantity) variance is the difference between the standard quantity of materials that should have been used for the number of units actually produced, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Performance Evaluation
A performance appraisal, also referred to as a performance review, performance evaluation, (career) development discussion, or employee appraisal, sometimes shortened to "PA", is a periodic and systematic process whereby the job performance of an employee is documented and evaluated. This is done after employees are trained about work and settle into their jobs. Performance appraisals are a part of career development and consist of regular reviews of employee performance within organizations. Performance appraisals are most often conducted by an employee's immediate manager or line manager. While extensively practiced, annual performance reviews have also been criticized as providing feedback too infrequently to be useful, and some critics argue that performance reviews in general do more harm than good. It is an element of the principal-agent framework, that describes the relationship of information between the employer and employee, and in this case the direct effect and res ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Motivation
Motivation is an mental state, internal state that propels individuals to engage in goal-directed behavior. It is often understood as a force that explains why people or animals initiate, continue, or terminate a certain behavior at a particular time. It is a complex phenomenon and its precise definition is disputed. It contrasts with #Amotivation and akrasia, amotivation, which is a state of apathy or listlessness. Motivation is studied in fields like psychology, neuroscience, motivation science, and philosophy. Motivational states are characterized by their direction, Motivational intensity, intensity, and persistence. The direction of a motivational state is shaped by the goal it aims to achieve. Intensity is the strength of the state and affects whether the state is translated into action and how much effort is employed. Persistence refers to how long an individual is willing to engage in an activity. Motivation is often divided into two phases: in the first phase, the indi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Standardization
Standardization (American English) or standardisation (British English) is the process of implementing and developing technical standards based on the consensus of different parties that include firms, users, interest groups, standards organizations and governments. Standardization can help maximize compatibility, interoperability, safety, repeatability, efficiency, and quality. It can also facilitate a normalization of formerly custom processes. In social sciences, including economics, the idea of ''standardization'' is close to the solution for a coordination problem, a situation in which all parties can realize mutual gains, but only by making mutually consistent decisions. Divergent national standards impose costs on consumers and can be a form of non-tariff trade barrier. History Early examples Standard weights and measures were developed by the Indus Valley civilization.Iwata, Shigeo (2008), "Weights and Measures in the Indus Valley", ''Encyclopaedia of the History ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Controllable Items
Controllability is an important property of a control system and plays a crucial role in many regulation problems, such as the stabilization of unstable systems using feedback, tracking problems, obtaining optimal control strategies, or, simply prescribing an input that has a desired effect on the state. Controllability and observability are dual notions. Controllability pertains to regulating the state by a choice of a suitable input, while observability pertains to being able to know the state by observing the output (assuming that the input is also being observed). Broadly speaking, the concept of controllability relates to the ability to steer a system around in its configuration space using only certain admissible manipulations. The exact definition varies depending on the framework or the type of models dealt with. The following are examples of variants of notions of controllability that have been introduced in the systems and control literature: * State controllability ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Rolling Budget
Rolling is a type of motion that combines rotation (commonly, of an axially symmetric object) and translation of that object with respect to a surface (either one or the other moves), such that, if ideal conditions exist, the two are in contact with each other without sliding. Rolling where there is no sliding is referred to as ''pure rolling''. By definition, there is no sliding when there is a frame of reference in which all points of contact on the rolling object have the same velocity as their counterparts on the surface on which the object rolls; in particular, for a frame of reference in which the rolling plane is at rest (see animation), the instantaneous velocity of all the points of contact (for instance, a generating line segment of a cylinder) of the rolling object is zero. In practice, due to small deformations near the contact area, some sliding and energy dissipation occurs. Nevertheless, the resulting rolling resistance is much lower than sliding friction, and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Standard Budget
A standard budget is a household budget that lists the goods and services that a family of a specified size and composition would need to live at a designated level of well-being, together with the costs of those goods and services. Considerable work on standard budgets has been done in the United States and other countries in recent years, mostly by non-government analysts. Budgets have not been used to develop official poverty lines, and in most cases have not been used to calculate the size of a nation’s low-income population. The main way a standard budget is established is by using historical information. If standards are set using historical information, they may become out of date quickly. A standard budget is a vehicle for variance. It is commonly derived from estimates on future costs that have fixed and variable cost components. Standard budgets present information at only one level of activity, and do not provide information on how the variable portion of the co ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
