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What do variances tell us? Please consider the types of variances we might see in analytical reporting of manufacturing costs. As physicians consider differential diagnoses

What do variances tell us?

Please consider the types of variances we might see in analytical reporting of manufacturing costs. As physicians consider differential diagnoses when symptoms present in a patient, what might the variances be telling us is going wrong? If the cost of materials consumed is high, what might this be telling us? If labor costs are high, what might this be telling us? What would we look for? How would we know we have identified the root cause?

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