MANAGEMENT

Detailed explanation-1: -A performance gap is the difference between an employee’s current performance and their desired performance. Put simply, an employee has a performance gap when they have to perform a certain task in their role, but they don’t know how to complete it.

Detailed explanation-2: -Deviation refers to the difference between actual performance and plan performance.

Detailed explanation-3: -This gap is better known as variance, a comparison of the intended or budgeted amount and the actual amount spent. Variance analysis is the practice of comparing actual results to what was planned or expected.

Detailed explanation-4: -A variance is the difference between the actual cost for the current and expected (or budgeted) performance. A favorable variance results when actual costs exceed budgeted costs. An unfavorable variance results when actual costs exceed budgeted costs.