describe what constitutes a budget variance. What is it? How is it identified? What types of variances needed to be reported to the organizational administration? List 5 pieces of information the leader will need to provide in the explanation to communicate the nature of the variance. Provide an example scenario of a variance which will need to be reported.

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A budget variance refers to the difference between the planned or budgeted amount and the actual amount spent or earned within a specific period It in... View the full answer