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How should variances be interpreted

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Reference no: EM13884321

Question one: Are favorable variances always good and unfavorable variances always bad? How should variances be interpreted? (150 words)

Question two: Standards tend to fall into one of two categories:

Ideal standards can only be attained under the best of circumstances. They allow for no work interruptions and they require employees to work at 100% peak efficiency all of the time.

Practical standards are tight, but attainable. They allow for normal machine downtime and employee rest periods and can be attained through reasonable, highly efficient efforts of the average worker. Practical standards can also be used for forecasting cash flows and in planning inventory. ( 150 words)

Reference no: EM13884321

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