In a business context, the term signifies a change or difference, often quantified. For instance, it can represent the variance in sales figures between two quarters, or the modification in a project’s timeline from its initial estimate. It provides a method for measuring progress, identifying trends, and understanding the impact of various actions.
Understanding and analyzing change is crucial for effective decision-making. Monitoring differences allows companies to adapt to market shifts, optimize processes, and mitigate risks. Historically, businesses have tracked these variations, albeit often manually, to improve performance and gain a competitive edge. Modern data analysis tools now facilitate more sophisticated and real-time analysis of these changes.
