24. Focusing only on those areas of unusually good or poor performance is the definition of (a) Variance analysis. (b) Management by exception. Standard costing. (d) Flexible budgeting. The direct materials quantity variance is calculated by which of the following formulas? (a) (Actual Price x Standard Quantity) - (Standard Price x Standard Quantity). (b) (Standard Price x Standard Quantity) - (Standard Price x Actual Quantity). (Actual Price x Actual Quantity)-(Standard Price x Actual Quantity). (Actual Price x Standard Quantity) - (Actual Quantity x Standard Price)