Variance analysis

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chet singh

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What is variance analysis ?
The difference between your actual figures and the budget that was set down
What are the two types that variances can be ?
Positive - when a business is doing better than expected
Negative - when a business is doing worse than expected
What can variance analysis help a business to see ?
What occurs in the business and the internal and external factors
How to calculate variance?
Actual figure - budgeted figure
What are the two ways variance can be caused by?
Internal factors - changes within the business which could be like changing prices , recruiting new staff

External factors - changes from outside the business which could be things like changes in the economy , consumer demand

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Variance analysis

Cards (5)

AQA GCSE Business Studies

OCR GCSE Business Studies

Edexcel GCSE Business

OCR GCSE Business

Edexcel GCSE Business Studies

GCSE Business Studies

AQA GCSE Business

2.2.4 Budgets

11.2 Calculating variances

AQA A-Level Business

3.2 Standard Costing and Variance Analysis

11. Standard costing and variance analysis

11.3 Interpreting variances

Unit 2: Exploring Two-Variable Data

Unit 1: Exploring One-Variable Data

Unit 6: Rhetorical Analysis

4.4.3 Budget Balance

3.7.2 Analysing the existing internal position of a business to assess strengths and weaknesses: financial ratio analysis

Unit 2: Economic Indicators and the Business Cycle

1.1.3 Analysis

1.5 Representing a Quantitative Variable with Graphs