Question: what is the variance is the difference between an actual cost and a standard cost or an actual amount and a standard amount. Standards need

  • what is the variance is the difference between an actual cost and a standard cost or an actual amount and a standard amount. Standards need to be reviewed periodically to make sure the assumptions used in their creation are still valid.
  • If you were a manager, how would you go about this process?
  • What would be your approach for trying to get a standard changed?

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