Importance of both price (rate) and volume (efficiency) vari
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1. Why is it important to investigate both price (rate) and volume (efficiency) variances when rewarding employees for satisfactory work when performance evaluations are based on meeting budgets?
2. What are some qualitative considerations that might be helpful in employee performance evaluations?
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Solution Summary
Your tutorial is 257 words and tells you why the rate and efficiency variances should not be "netted" in performance evaluations and several qualitative factors for performance reviews of production workers.
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1. Why is it important to investigate both price (rate) and volume (efficiency) variances when rewarding employees for satisfactory work when performance evaluations are based on meeting budgets?
Rate and efficiency variances can be related, and they can offset each other. For instance, when you first hire someone, they are at the "training wage" and so the rate may be under budget but they are slower (learning curve) and so the efficiency is over budget. As they get experience, the rate variance and ...
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