Question - Kindly answer in your own words the below questions. Two paragraphs for each questions please.
1. Standards do need to be reviewed periodically to make sure that the assumptions used in their creation are still valid. That said, if you were a manager, how would you go about this process? What would be your approach for trying to get a standard changed?
2. Are favorable variances always good and unfavorable variances always bad? How should variances be interpreted?