A variance occurs when expenses such as revenue or labor are either more or less than what the company anticipated and budgeted for. Hospitality businesses such as hotels and restaurants can ...

When a company plans a project, it will estimate the cost of the project before beginning. It may also estimate the amount of time it expects the project to take to complete. However, these estimates ...

Discover how efficiency variance reveals the gap between expected and actual inputs in production and its impact on labor, materials, and costs.

Will Kenton is an expert on the economy and investing laws and regulations. He previously held senior editorial roles at Investopedia and Kapitall Wire and holds a MA in Economics from The New School ...