1. Explain price, efficiency, intensity, and volume variances.  What do  they measure, and what impact does a manager have on this aspect of  operations?  How do managers determine which variances should be  investigated?

2.Explain the purpose of financial ratios and what issues should be  considered when using them for comparing organizations? Explain the  purpose and difference types of benchmarking.

3.Explain the differences between the NPV, payback period, BCB, and IRR.  What factors have the largest impact on the rate of return of capital  investments, and what variables are these factors subsequently  determined by?