Identify Two Theories That Would Be Useful in Your Work

question 4

Essay

Identify two theories that would be useful in your work with the Chavez family.Define those theories in your essay and cite examples of how you would utilize those theories with the Chavez family.

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Definitions:

Efficiency Variance

The difference between the actual input used in production and the standard input expected, calculated to assess performance.

Spending Variance

The difference between the actual amount spent and the budgeted amount for a given period, indicating over or under spending.

Unfavourable Variances

Differences between actual costs and standard or expected costs that negatively impact the financial performance of an organization.

Favourable Variances

Differences between actual and budgeted financial performance that are beneficial to the company, such as lower expenses or higher revenues than planned.