If Var ( 
1)= σ2 and Var ( 
2)= 2σ2,then the relative efficiency of 
1 with respect to 
2 is equal to 0.5.
Definitions:
Variable Overhead Rate Variance
The difference between the actual variable overhead incurred and the standard cost of variable overhead allocated to produced goods.
Variable Overhead Rate Variance
The difference between the actual variable overhead incurred and the amount of overhead allocated to production, based on standard rates.
Variable Overhead Efficiency Variance
A metric that shows the difference between the actual variable overhead costs incurred and the standard variable overhead costs expected for the achieved level of activity.
Variable Overhead Efficiency Variance
The difference between the actual variable overhead costs incurred and the expected costs based on efficient use of resources.
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