Choose one of the following.
Option 1) Discuss a current business activity that you or your department does that could be improved by leveraging Variance Analysis.Discuss the perspective you could gain, and what a “favorable price” and a “favorable quantity” variance mean in this application.
Option 2) Given your examination of costing systems and cost information so far in this course, how might you start including more cost-based financial information in your decision-making processes? Do you have the information you need today? If not, how would you get this information? What business activities do you currently do that could be done better if you had a more accurate knowledge of costs?