Article: The Relevance of Variance Analysis in Managerial Cost Control
Available at http://www.scienpress.com/Upload/JFIA/Vol%202_1_5.pdf
Summary of article
Businesses, both profit-oriented and non-profit, governments, different groups and individuals all deal with costs on a daily basis. It is about what one gives up in order to pay the cost of something else. In the business world, costs are usually divided between material, labor and overhead costs (Dandago & Adah, 2013). However, their proportion may vary from industry to industry as the types of cost of the manufacturing and the service industries are very different. In order to success, a company needs to effectively manage their costs to make sure they are not spending more ...