How to interpret variances

What is your question?

All depends on whether it’s a one off or a repeated variance.
Also if it’s favourable or adverse
If it’s significant or not

Then you need to review the possible reasons for it
If it’s material you have paid more or less, why is that?
Discounts, new suppliers, inflation etc
You have used more or less materials
Why is that?
The materials are good or bad quality, your staff have worked more or less effectively with materials ie more waste or less
And so on ..