MATERIALS QUANTITY VARIANCE (MQV)
\mətˈi͡əɹɪə͡lz kwˈɒntɪti vˈe͡əɹi͡əns ˌɛmkjˌuːvˈiː], \mətˈiəɹɪəlz kwˈɒntɪti vˈeəɹiəns ˌɛmkjˌuːvˈiː], \m_ə_t_ˈiə_ɹ_ɪ__əl_z k_w_ˈɒ_n_t_ɪ_t_i v_ˈeə_ɹ_iə_n_s__ ˌɛ_m_k_j_ˌuː_v_ˈiː]\
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In a manufacturing operation this is material's standard cost minus material used actual cost. A company calculates that the materials needed to manufacture one of its products costs $5, as an example. The actual cost during a certain period is $6. The company discovers that The materials quantity variance is $1 times the number of units manufactured.
By Henry Campbell Black
Nearby Words
- materials failure analyses
- materials failure analysis
- materials handling
- materials inventory
- materials management
- MATERIALS QUANTITY VARIANCE (MQV)
- materials testing
- materiamedica
- materiarian
- materiate
- materiated