Variance Analysis Involves the Steps Listed Below

question 45

Multiple Choice

Variance analysis involves the steps listed below. In which order should the steps be performed?
1 Draw conclusions and take action
2 Calculate variances
3 Choose variances for further investigation
4 Identify reasons for variances

• A) 1, 2, 3, 4
• B) 2, 3, 4, 1
• C) 2, 1, 4, 3
• D) 2, 4, 3, 1

---

Definitions:

Collective Strategy

A plan of action designed and implemented by a group of entities or individuals to achieve common goals.

Policy Evaluation

A detailed examination of the results, effectiveness, and efficiency of a policy after its implementation.

Outcome Criteria

Standards or benchmarks used to evaluate the effectiveness or success of a program, activity, or intervention.

Cost Reductions

Measures or strategies implemented to decrease the expenses incurred by a business, government, or individual.