Question

Please describe how the law of variability can have an impact on a company's profits.

Answer 1

Law of variability is the difference between the actual result of a task with the expected or planned result. This gives a business the scope of achieveing their target so that they can plan their activities as per the actual outcome and prevent any kind of risks associated with the outcome. This helps in management of risks and hence would ensure successful resutls and hence would improve the profits of the company .When we have an idea of what would be the actual outcome and what is the desired outcome, we can adjust the plan so that the outcome is what we want and ensure no risks would occur during the execution phase of the project. Hence law of variability has an impact on a company's profits .