Which of the following is a variance?

The correct answer highlights a specific example of variance, which refers to a difference between what was expected and what actually occurred. In the context of business operations, variance analysis often reviews performance metrics against established benchmarks or projections.

In this case, putter sales that fall below projections directly indicate a deviation from anticipated revenue or productivity. This information is crucial for a business, as it allows management to analyze why actual sales did not meet expectations, potentially leading to changes in strategy, marketing, or inventory management.

The other options involve changes or shortages that may not directly quantify performance against specific financial metrics or expectations. While they are impactful, they do not encapsulate the concept of variance in the same way that unfulfilled sales projections do. Variances specifically focus on areas where performance does not align with predictions, making the performance of sales significantly relevant in this context.