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Explain variances
Variances are the difference between actual costs and standard cost during an accounting period. It refers to variation of actual results with planned results. Variance analysis is a systematic process which analysis and interprets the variances. It refers to the break down of the total variances into different components. Normally, variances can take tow forms namely:
1) Favorable variances: when actual costs are less than the standard costs; and
2) Unfavorable variances: when actual costs exceeds the standard costs.
Sometimes actual results are just equal to planned results, the situation is known as zero variance.
Ask question #MinimumYears Purchase Costs Running cost discount factor 8% Running cost Savings PVS 0 -7000 -7000 1 2000 0.926 1852 5556 3704 2 2500 0.857 2142.5 5999 3856.5
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