This paper applies the Variance analysis approach developed by Robert F.Lusch and William F. Bentz for analysing changes in return on investment of three units: DCM, Hindustan Lever and TELCO. It identifies the different factors that explain the difference or change in two ROI rates. Both an inter-period and inter-unit comparison have been made. The analysis is useful for purposes of financial reporting to shareholders. It can also be used for management planning and control.