variance
Definition 1
General: Difference between an expected and actual result, such as between a budget and actual expenditure.
Definition 2
Statistics: Arithmetic mean of the squares of the deviations of all items (in a set of numbers) from their arithmetic mean. Variance and its square root (the standard deviation) are of fundamental importance as a measure of dispersion.
variance is in the Accounting & Auditing, Planning & Scheduling and Statistics, Mathematics, & Analysis subjects.
variance appears in the definitions of the following terms:
direct labor efficiency variance,
fixed production overhead volume efficiency variance,
cross-sectional data,
expenditure variance,
significance criteria,
inventory variance,
Pareto chart,
Bayesian statistics,
variable production overhead total variance,
fixed production overhead volume capacity variance
and
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