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Variance, Standard Deviation and Relative Variability
Variance, Standard Deviation and Relative Variability
Quantity Variance Calculator
The quantity variance (Labor Efficiency Variance) can be explained as the difference between the planned usage of something with the actual usage. For instance, a manufacturing firm plans to use 100 pounds of iron for a project. But, after completing the project it is noted that 110 pounds of iron has been consumed for that same project. Hence, the additional 10 pounds is the quantity variance.
The quantity variance can be found out using the below formula:
Enter the standard price, standard quantity and the actual quantity in the below calculator's input boxes and click calculate to find the quantity variance.
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