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