An analytical technique used by management to focus attention on the most significant variances and give less attention to the areas where performance is reasonably close to standard is known as: Multiple Choice Management by objectives. Management by variance. Controllable management. Management by exception. Performance management.

Management by exception

Explanation:

This is a practice of examining the financial as well as operational results of a business and bringing to management only those differences that show a significant difference between the budgeted and actual amounts. This allows managers to focus on the highly important variances that can affect the growth and profitability of a company significantly. This concept, can however be fine-tuned where small variances are shown but to low-level managers whilst the senior managers will look at the large variances.