Question: How can variance analysis help management make informed financial decisions, and what are some key areas where this tool proves most valuable? What types of

How can variance analysis help management make informed financial decisions, and what are some key areas where this tool proves most valuable?
What types of variances (e.g., material, labor, overhead) are most critical to monitor in a business, and why?
When a variance is identified as unfavorable, what steps should management take to investigate its causes and implement corrective actions?
How can variance analysis contribute to both short-term operational adjustments and long-term strategic planning?

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