You are performing an analysis on a static budget for a Key Performance Indicator (KPO) in marketing. You develop the following table to present to the leadership team. KPI Actual Budget Variance % Variance Customer Awareness 58% 7596 -17% -22.7% The difference between budget and actual of 17% is: 1) 17 percent below budget 2) Occurs because marketing spent fewer dollars, which is a good thing 3) 17 percentage points below budget 4) This is an example of how a flexible budget can be used in a management by exception analysis