Direct Material Price Variance:
It is that PORTION of the direct material cost variance which is due to the difference between the STANDARD price SPECIFIED and the actual price PAID.

Mathematically:
DMPV = Actual Quantity x (Standard price- Actual price)
If the actual price is more than the standard price, the variance would be adverse and vice versa.

Direct Material Usage or Quantity Variance:
It is caused due to the difference between the standard quantity specified (for the output achieved) and the actual quantity used.

Mathematically:
DMUV = Standard rate x (Standard quantity for actual output - Actual quantity).

Direct Material Price Variance:
It is that portion of the direct material cost variance which is due to the difference between the standard price specified and the actual price paid.

Mathematically:
DMPV = Actual Quantity x (Standard price- Actual price)
If the actual price is more than the standard price, the variance would be adverse and vice versa.

Direct Material Usage or Quantity Variance:
It is caused due to the difference between the standard quantity specified (for the output achieved) and the actual quantity used.

Mathematically:
DMUV = Standard rate x (Standard quantity for actual output - Actual quantity).