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What is Planning & Operational Variance about?

This document discusses standard costing and variance analysis. It provides purposes of standard costing such as prediction of future costs, setting targets and budgets, and simplifying cost tracing. It discusses whether variances should always be investigated and notes a focus on adverse variances. Reasons for variances are divided into planning and operational. Criticisms of standard costing are provided such as inconsistent with JIT and TQM philosophies. Alternatives like the balanced scorecard are intro

Author

Shazil Butt

Language

EN