(Actual Hours x Actual Rate) -- (Standard Hours x Standard Rate) = Total Labour Variance (TLV).
b. (Actual Hours x Actual Rate) -- (Actual Hours x Standard Rate) = Labour Price Variance (LPV).
c. (Actual Hours x Standard Rate) -- (Standard Hours x Standard Rate) = Labour Quantity Variance (LQV).
a)
Total Labour Variance (TLV)
734,116.49
Labour Price Variance (LPV)
437,539.55
c)
Labour Quantity Variance (LQV)
296,576.94
2003
2004
2005
2006
2007
Standard Labour Rate (2007) ($)
16.00
16.00
16.00
16.00
16.00
Actual Labour Rate (2007) ($)
19.50
20.09
20.69
21.31
21.95
Overpayment on Labour Rate ($)
3.50
4.09
4.69
5.31
5.95
37%
Revenue per Full Time Employee ($)
6,481,481.48
6,717,407.41
6,697,735.00
6,800,668.60
6,880,557.86
% change in Revenue per FTE (year on year)
3.64%
-0.29%
1.54%
1.17%
Lines Shipped per Full Time Employee
21,929.68
23,574.41
24,894.58
26,667.00
29,623.11
% change in Lines Shipped per FTE (year on year)
7.50%
5.60%
7.12%
11.09%
Lines Received per Full Time Employee
7,270.40
7,488.60
7,148.36
7,613.09
8,336.36
% change in Lines Received per FTE (year on year)
3.00%
-4.54%
6.50%
9.50%
Total Lines per Full Time Employee
19,215.00
20,595.56
21,408.71
22,989.93
25,585.97
% change in Total Lines per FTE (year on year)
7.18%
3.95%
7.39%
11.29%
Assume rate has remained static over past 5 years
Question 4
Recommendations for Management for improvement include the following:
1. Production, Management Change, Performance Balanced Scorecard and Management Monitoring all need to be addressed.
2. Daily, weekly and monthly variance reports on key statistics (overtime vs. expected; budget vs. actual) must be implemented and a red flag system introduced where there is a variance greater than the accepted norm.
3. Training days to be reduced...
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