What is the profit variance of 0.3 million? And how is it converted into millions (0.3)
Profit variance refers to the difference between the actual profit and the expected profit. To calculate the profit variance, you need to have the actual profit and the expected profit values.
Profit variance = Actual profit - Expected profit
If you have the profit variance value as 0.3 million, it means that the actual profit is 0.3 million more (or less) than the expected profit. To convert this value into millions, you can divide the profit variance by one million.
0.3 million / 1 million = 0.3
So, the profit variance of 0.3 million is equivalent to 0.3 million converted into millions, which is 0.3.