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Describe the three categories of variable pay.
Total Cost Variance
The difference between the actual costs incurred and the standard (or expected) costs for a given production or project period.
Purchase Price Variances
The difference between the actual cost of goods purchased and the standard cost, used to measure the efficiency of the purchasing function.
Standard Cost
A predetermined cost of manufacturing, selling, or any other business operation, used for budgeting and performance evaluation.
Nonfinancial Performance Measures
Indicators used to assess aspects of a company's operations that do not directly relate to financial outcomes, such as customer satisfaction or employee turnover.
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