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

Businesses evaluate their product costs on a regular basis. Understanding these costs helps the company to make pricing decisions and estimate its potential profits. Each year the company creates a ...

Labor price variance, or direct labor rate variance, measures the difference between the budgeted hourly rate and the actual rate you pay direct labor workers who directly manufacture your products.

Adam Hayes, Ph.D., CFA, is a financial writer with 15+ years Wall Street experience as a derivatives trader. Besides his extensive derivative trading expertise, Adam is an expert in economics and ...

There are a few management essentials every restaurateur needs to know to run a successful business. Tracking your exact food and beverage costs, actual usage and sales—and analyzing the differences ...