|Labor efficiency variance|
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Definition of Labor efficiency variance
Labor efficiency variance
The difference between the amount of time that was budgeted
labor efficiency variance
the number of hours actually worked minus the standard hours allowed for the production
the difference between total actual overhead
Reflects the relative amount of wealth wasted in making transactions. An efficient
the budget variance of the two variance approach to analyzing overhead variances
A statistical measure of the degree to which random variables move together.
A measure of the degree to which returns on two assets move in
the time spent by individuals who work specifically
labor that is specifically incurred to create a product.
The variance between the budgeted and actual mixes of
Reflects the amount of wasted energy.
a measure of the degree to which tasks were performed
The ability to produce the things most wanted at the least cost.
Wage that maximizes profits.
Related: pricing efficiency.
A federal Act creating standards of overtime
the difference between the total actual fixed overhead and budgeted fixed overhead;
fixed overhead volume variance
see volume variance
The cost of any labor that supports the production process, but which is
The speed and accuracy with which prices reflect new information.
Those people employed plus those actively seeking work.
Not laying off redundant workers during a recession to ensure that skilled and experienced workers are available after the recession.
labor mix variance
(actual mix X actual hours X standard rate) - (standard mix X actual hours X standard rate);
labor rate variance
the actual rate (or actual weighted average rate) paid to labor for the period minus the standard rate multiplied by all hours actually worked during the period;
Labor rate variance
The difference between the actual and standard direct labor rates
labor yield variance
(standard mix X actual hours X standard rate) - (standard mix X standard hours X standard rate);
manufacturing cycle efficiency (MCE)
a ratio resulting from dividing the actual production time by total lead time;
Marketplace price efficiency
The degree to which the prices of assets reflect the available marketplace
material mix variance
(actual mix X actual quantity X standard price) - (standard mix X actual quantity X standardprice);
material price variance
total actual cost of material purchased
material quantity variance
(actual quantity X standard price) - (standard quantity allowed standard price);
material yield variance
(standard mix X actual quantity X standard price) - (standard mix X standard quantity X standard price);
Materials price variance
The difference between the actual and budgeted cost to
Materials quantity variance
The difference between the actual and budgeted quantities
Evaluation of risky prospects based on the expected value and variance of possible outcomes.
The selection of portfolios based on the means and variances of their returns. The
Mean-variance efficient portfolio
Related: Markowitz efficient portfolio
Graph of the lowest possible portfolio variance that is attainable for a given
The portfolio of risky assets with lowest variance.
the fixed overhead volume variance;
overhead efficiency variance
the difference between total budgeted overhead at actual hours and total budgeted
overhead spending variance
the difference between total actual overhead and total budgeted overhead at actual
Weighted sum of the covariance and variances of the assets in a portfolio.
Also called external efficiency, a market characteristic where prices at all times fully
Production yield variance
The difference between the actual and budgeted proportions
Selling price variance
The difference between the actual and budgeted selling price for
Semi-strong form efficiency
A form of pricing efficiency where the price of the security fully reflects all
Market prices reflect all publicly available information.
The covariance between a variable and the lagged value of the variable; the same as
Pricing efficiency, where the price of a, security reflects all information, whether or
Market prices rapidly reflect all information that could in principle be used to determine true value.
total overhead variance
the difference between total actual overhead and total applied overhead; it is the amount of underapplied or overapplied overhead
the difference between total actual cost incurred
variable overhead efficiency variance
the difference between budgeted variable overhead based on actual input activity and variable overhead applied to production
variable overhead spending variance
the difference between total actual variable overhead and the budgeted amount of variable overhead based on actual input activity
A measure of dispersion of a set of data points around their mean value. The mathematical
The weighted average of the squared deviations from the
a difference between an actual and a standard or
The dispersion of a variable. The square of the standard deviation.
Average value of squared deviations from mean. A measure of volatility.
A method of budgetary control that compares actual performance against plan, investigates the causes of the variance and takes corrective action to ensure that targets are achieved.
the process of categorizing the nature (favorable or unfavorable) of the differences between standard and actual costs and determining the reasons for those differences
Variance minimization approach to tracking
An approach to bond indexing that uses historical data to
Specifies the permitted minimum or maximum quantity of securities that can be delivered to
a fixed overhead variance that represents
Weak form efficiency
A form of pricing efficiency where the price of the security reflects the past price and
Market prices rapidly reflect all information contained in the history of past prices.
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