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Accounting


Variance

In common usage variance is the difference between a pre-established measure and an actual measure .(Wideman Comparative Glossary of Common Project Management Terms v2.1 ) Other Definitions Variance – A discrepancy between the actual and planned performance on a...

Throughput Costing

Throughput Costing counts only unit-level costs as the cost of a product or service. All other costs of resources used are counted as operating costs (or expenses). The throughput (under throughput costing) is sales revenue minus all unit-level spending for direct...

Percentage Completion

An assessment of how far along a task has progressed as a percentage of its total duration. As the assessment is very often subjective, it should not be relied upon as a firm basis for quantitative analysis of a project’s progress. A better approach is the use of...