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Session Twelve - Chapter 12

Perforamance variance - a key managerial duty

Tools

A	B
Direct cost	A cost that is a major part of the inventory cost
Indirect cost	A cost that is a minor part of the inventory cost. usually considerd overhead cost.
Overhead cost	All costs not part of inventory costs. Production support costs.
Material price variance	The difference between the standard cost and the actual cost of materials
Material quantity variance	The difference between the standard quanity of material to bu used and the actual quanity of material used in dollars.
ROI	Return on Investment
Residual Income	Income left over after deducting an interest charge for capital invested from net income of the division.
Standard cost	Company standards set for production prices and usage.
Goal congruence	All on the same page.