How does variance analysis help in continuous improvement? (Select all that apply.) A. As the easier changes are made, and perhaps some standards tightened, the harder issues will be revealed for the organization to act onthis is continuous improvement. B. Variance analysis is a strategy to calculate standard costs based on the best performance of competitors. This strategy implies the company will undertake the continuous process of comparing its level of performance in producing products and services and executing activities against the best levels of performance. It measures how well a company and its managers are doing relative to others. C. The underlying causes of unfavourable variances are identified, and corrective action is taken where possible. D. Variance analysis helps in continuous improvement only when the Level 2 results are compared to the Level 0 static-budget variance. E. Variance analysis, by providing information about actual performance relative to standards, can form the basis of continuous operational improvement