What is the relationship between management by exception and variance analysis? a. management by exception is the practice of concentrating on areas outside a company's normal operations and giving less attention to the day-to-day operations. variance analysis managers identify areas that are outside a company's normal operations. b. management by exception is the practice of concentrating on areas that are operating unfavorably and giving less attention to areas operating better than expected. variance analysis managers identify areas that are operating unfavorably. c. management by exception is the practice of concentrating on areas not operating as expected and giving less attention to areas operating as expected. variance analysis managers identify areas not operating as expected. d. none of the above.