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Variance
The difference between planned (budgeted) and actual figures in financial and operational contexts, identifying discrepancies.
Standard Costs
Predetermined costs assigned to goods and services, used as benchmarks to measure performance by comparing them with actual costs.
Standard Costs
Predetermined cost estimates used for budgeting purposes and measuring performance, often seen as benchmarks for the actual costs of production.
Variance
The difference between planned, budgeted, or standard cost and actual cost in accounting.
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