Variance Analysis Definitions

This worksheet requires unpacking the key elements of a published scholarly journal article and demonstrating APA source citation skills, activities you will engage in frequently in the completion of a variety of assignments including essays, research papers and literature reviews in future courses.

A budget variance occurs when the actual results of your financial activity differ from your budgeted projections. Since your expectations were based on knowledge from your financial history, micro- and macroeconomic factors, and new information, if there is a variance, it is because your estimate was inaccurate or because one or more of those factors changed unexpectedly. If your estimate was inaccurate—perhaps you had overlooked or ignored a factor—knowing that can help you improve. If one or more of those factors has changed unexpectedly, then identifying the cause of the variance creates new information with which to better assess your situation. At the very least, variances will alert you to the need for adjustments to your budget and to the appropriate choices.

·  How were measures of variation used in the study? What conclusions can you draw based on the variation?

The lab uses the measurements of a wooden dowel in length and diameter to collect data in order to interpret data in report form. The data is used to produce statistical data and how to correctly present it. A ruler and micrometer were used to measure the dimensions. Spreadsheets are then constructed in order to generate standard deviation, mean, median, mode, frequency, as well as variation of length, diameter, volume, and cross sectional area of the

Identify six peer research articles which will be utilized through the next 5 weeks as reference sources. Create a reference list in which the six articles are listed. Beneath each reference include the article's abstract. The completed assignment should have a title page and a reference list with abstracts.

While APA format is not required for the body of this assignment, solid academic writing is expected and in-text citations and references should be presented using APA documentation guidelines, which can be found in the APA Style Guide,

5. How have you analyzed the data to identify the factors that account for variation in the process? How was your data stratified?

What is your evaluation of each of the three businesses? What is your evaluation of the managers who run them?

Companies will have set guidelines to trigger the need for a variance report such as variances over a specific percentage or dollar amount. (Cleverly, Song, & Cleverly, 2011, Pg. 381) In an analysis of revenues, a negative variation is unfavorable; in an analysis of costs, a negative variation is favorable. (Dove & Forthman, 1995) Variation is calculated by subtracting the expected or budgeted figure from the actual figure for each variable. The variable figure is then divided by the expected figure in order to establish a percentage of the variance. Wages that are over the budgeted amount would be an unfavorable variance and would be an indication that there is a need for a variance report. (Dove & Forthman, 1995) Supply costs being less than the budgeted amount would be a favorable variance, however it could result in the supplies budget being reduced if there is not a reasonable explanation as to the cause for the variance. Therefore, a variable department manager would ask for a variance report detailing the reason for the variance to be completed, otherwise it appears as if the budget is overstated and needs to be reduced.

One is that since the ten portfolios are grouped according to their performance, portfolios are usually made up by similar stocks and thus cannot diversify the risks. The other is that both skewness and kurtosis have effect on the risk a stock bears and thus cause the pattern of variance.

These represent the range of the sale price. Lastly, I used the formula to get the standard deviation 48,945.28, which measures the variability.

How can the total flexible-budget variance be broken down (i.e., what are the constituent parts of this total variance)?

In statistics, variance refers to the comparison of the means of more than two groups. The term "variance may mislead some students to think the technique is used to compare group variances. In fact, analysis of variance uses variance to cast inference on group means...Whether an observed difference between groups mean is 'surprising' will depends on the spread (variance) of the observations within groups. Widely different averages can more likely arise by chance if individual observations within groups vary greatly" (Analysis of variance. 2012, Stat Primer). Variances indicate the presence of change or the existence of a statistically significant difference between two groups being compared.

Accounting is the art of measuring and communicating financial information. To maintain uniformity and consistency in preparing and maintaining books of accounts, certain rules or principles have been evolved. These rules or principles are classified as concepts and conventions. One of the important concept in accounting is “Measurement” (Mattessich, 1977)

In terms of independent variables, by referring to the Appendix, figure 1 reveals the summary of the sample; it also