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Standards are the indices against which performance can be compared. Standards,
for material and labour, price and effi ciency variance, are studied in this lesson.
At home if you exceed your monthly budget for milk, have you paused to understand
why? The milk cooperative may not be the culprit, for they did not raise the price.
Have you checked your consumption? Has it gone up? If it has, have you paused to
understand why? Did you throw a couple of extra parties or did the cat drink more
than it should have? In this, the last of the trilogy, the author R Ram Mohan goes back
to the work place. The subjects of static budgets, fl exible budgets, controllability
and variances round off this lesson (also see FM/CA1 and FM/CA2).
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24 Mins
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26 Mins
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65 Pages
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Equivalent classroom time: 6hrs
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