A Variance Is the Difference Between ________

question 115

Multiple Choice

A variance is the difference between ________.

• A)a budgeted amount and a benchmark amount
• B)the required number of inputs for the number of outputs
• C)an actual amount and a budgeted amount
• D)a budgeted amount and a standard amount

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Definitions:

Relevant To Managers

Relevant to managers refers to information, trends, skills, or knowledge that is directly applicable or crucial for managing organizations, making decisions, and leading teams effectively.

Tacit Knowledge

Knowledge gained from personal experience and contextual insights, which is difficult to formally document and transfer.

Explicit Knowledge

Information or knowledge that is formally articulated, documented, and easily communicated or transferred to others.

Escalation Of Commitment

The phenomenon where individuals or organizations continue to invest time, money, or resources into a failing project, decision, or endeavor.