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Dealing with subjects like accounts and finance you will definitely come across the topic Benchmarking and Variance Analysis. It is a highly useful domain and is of practical application for business entities. Thus it is really important to have an in-depth understanding of this topic, and that is why benchmarking and variance analysis homework help is must avail.
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WhatBenchmarking and Variance Analysis is all about?
Benchmarking is actually comparing the own business performance with the best players in the industry. Here comparison can be madein relation to profitability, the qualitative front, the production capacity, cost front, etc. The top management compares the performance on all levels with some of the best firms in the market who are dealing with the similar processes or similar products and services, and it gives an idea about how well the company is performing in their comparison.
Talking about variance analysis, it measures the performance of a company using the internal parameters.It means while calculating the variances all the aspects that are happening inside the company are accountedfor. Variance analysis tells the difference between budgeted and actual performance, and it is highly useful for the management for taking corrective actions on time. Variances can be related to costs as well as revenues.
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Importance of Benchmarking and Variance Analysis
Both Benchmarking and Variance Analysis are very useful for any business entity because of the following reasons-
- Benchmarking helps to know that how much ahead or behind one is from the top competitors in the market.
- Favorable and unfavorable variances tell that whether the organization is proceeding in the right direction or not.
- There can be various methods of setting the benchmark and calculation of variances like material variances, sales variances, overhead variances, labor variances,
- Both benchmarking and variance analysis are helpful in deciding the new strategies and plans and procedures for improving the effectiveness and efficiency level of the enterprise.
- With this kind of analysis, the organization comes to know about the areas in which it is lagging behind, and then corrective measures are taken on time.
- Both this analysis help in fixing the responsibilities of respective departments.
- Without such kinds of analysis, it is impossible for the organization to grow and achieve the goal of profit maximization.
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