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To calculate a quantity variance, multiply the standard quantity times the standard price and compare it to the standard quantity allowed times the actual price.
What is variance?
In contrast to range and interquartile range, variance is a measure of dispersion that considers the spread of all data points in a data collection. It is the most commonly used measure of dispersion, along with the standard deviation, which is essentially the square root of the variance. The dispersion between values in a data collection is the most basic definition of variance. Variance is a statistical metric that determines how far one number deviates from the mean and from all other numbers in the collection.
Here,
To compute a quantity variance, multiply the standard amount by the standard price and compare it to the standard quantity permitted multiplied by the real price.
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