Using Variance Analysis LO9 Review the following incomplete statements about the use of variance analysis. a. Variance analysis has a number of_when it is used in a modern manufacturing environment. b. The focus of traditional variance analysis is_rather than on customer service, delivery time and other nonfinancial measures. C. Management by exception suggests that it is_necessary to investigate all variances. d._is a likely result of using ideal standards when managers continually face unfavorable variances e. In order to interpret variances, the_must be determined Required Complete the preceding incomplete statements with the correct term from the following list of terms provided (note that not all terms will be used): absolutely, advantages, competition, cost control, drawbacks, not, product quality, resentment, underlying cause