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question 31

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Master management by exception and its application in focusing on significant variances for managerial action.

Understand the concepts of direct material and direct labor variances including rate, efficiency, and quantity variances.

Identify and calculate variances related to direct material price and quantity.

Identify and calculate variances related to direct labor rate and efficiency.

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Definitions:

Variances

Statistical measures reflecting the dispersion or spread of a set of data points or how far each value in the set is from the mean.

Covariance

A measure that indicates the extent to which two variables change together; if they increase or decrease similarly.

Coefficient Of Correlation

An index that measures the magnitude and direction of a straight-line association between two variables.

Coefficient Of Correlation

An analytical tool that evaluates the strength of the association between the relative shifts of two variables.