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CASE: The number of emails that you are receiving in a given day has begun to get out of control since you accepted new responsibilities in your job. You have started to explore Outlook's features in order to figure out how to use them to ease your email burden.
Labor Rate Variance
The difference between the actual labor rate paid and the standard labor rate expected, indicating over or underpayment.
Budget Variance
The difference between the budgeted amount of expense or revenue, and the actual amount of expense or revenue incurred.
Volume Variance
The difference between the budgeted fixed overhead and the applied fixed overhead, which is usually driven by a difference in actual production volume and the expected production volume.
Materials Price Variance
The variance between the real expense of materials and their anticipated (standard) price.
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