Hello how do I go bout analyzing variances? The following is from my rubric:

1. Variance Analysis: Identify - Identifies all variances for the direct labor time and the materials price.This can also be copied and pasted from your workbook.
2. Variance Analysis: Significance of the Variance -Evaluate the significance of the variances in terms of their potential to impact future budgeting decisions and planning.In other words, how will these variances affect your future budgets?