# variance

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**Variable Overhead Efficiency Variance**— The difference between actual variable overhead based on the true time taken to manufacture a product, and standard variable overhead based on the time budgeted for it. It arises from variance in productive efficiency. For example, the number of… …122

**Normal variance-mean mixture**— In probability theory and statistics, a normal variance mean mixture with mixing probability density g is the continuous probability distribution of a random variable Y of the form where α and β are real numbers and σ > 0 and random variables… …123

**Computational formula for the variance**— See also: Algorithms for calculating variance In probability theory and statistics, the computational formula for the variance Var(X) of a random variable X is the formula where E(X) is the expected value of X. A closely related identity can be… …124

**Cosmic Variance (blog)**— Cosmic Variance is a collaborative weblog discussing physics, astrophysics, and other topics, written by JoAnne Hewett, Mark Trodden, Sean Carroll, Risa Wechsler, Julianne Dalcanton, John Conway, and Daniel Holz. It is the successor to Carroll s… …125

**Sales Mix Variance**— The difference in the quantity of customer purchases of each product or service compared to the quantities that a business expected to sell. Sales mix variance compares the actual mix of sales to the budgeted mix. The metric can be used for… …126

**production cost variance**— In standard costing, the variance arising when the standard cost of the actual production is compared with the actual cost incurred. If the standard cost is higher than the actual cost a favourable variance arises, while if the actual cost… …127

**Direct material variance**— Direct Material Cost Variance = Material Cost Variance can be divided into : Price Variance Usage VarianceUsage Variance can be further sub divided into : Mix Variance Yield Variance …128

**Unfavorable Variance**— An accounting term that describes instances where actual costs are greater than the standard or expected costs. An unfavorable variance can alert management that the company s profit will be less than expected. The sooner an unfavorable variance… …