Chapter 7 - Flexible Budgets, Direct-Cost Variances, and Management Control - Assignment Material - Questions - Page 274: 7-1

Management by exception is a practice where managers focus on areas not meeting expectations. Variance analysis is a tool in this approach, as it compares actual outcomes to budgets, highlighting exceptions. It helps managers identify and address performance deviations, leading to more effective decision-making.

Management by exception is a practice where managers focus on areas not meeting expectations. Variance analysis is a tool in this approach, as it compares actual outcomes to budgets, highlighting exceptions. It helps managers identify and address performance deviations, leading to more effective decision-making.