The difference between the actual outcome and a planned result is called a(n) . (Enter only one word per blank.)

The difference between the actual outcome and a planned result is called a(n) variance.

Variance refers to the discrepancies that can occur between what was expected (or planned) and what actually occurs. This term is often used in various fields such as finance, project management, and statistics. It helps organizations understand whether they are on track with their goals and objectives. Analyzing variance provides valuable insights into the factors that may influence outcomes and can guide decision-making to improve future performance. It is crucial for effective budgeting and forecasting, as identifying the reasons for variance can help in making informed adjustments and better planning going forward.