So, if you’re a finance professional working with budgets, the ability to calculate variances and interpret the results correctly is essential! It’s also vital that you are able to understand why a variance may have occurred and make suitable recommendations for improvement. Through this course, we’ll help you to develop these skills and more!
Provides 12 hours of CPD
What you’ll learn:
- How to determine appropriate standard costs – getting these right is essential for setting accurate budgets, as well as encouraging cost-efficiency in production!
- How to calculate material, labour, overheads and sales variances, allowing you to identify to what extent the organisation went over or under the budget in each area
- How to further break down each of the variances above, helping you to pinpoint whether a variance is due to price or volume
- The common causes of variances are so that you can get to the bottom of why a variance has occurred and then recommend how it can be corrected
- Backwards variance analysis, allowing you to calculate missing standard or actual data when required, as well as reinforcing your understanding of how variance analysis works
- How to distinguish between operational and planning variances, providing a basis for fairer evaluation of management’s performance
- How variances interrelate so that you understand the full impact of correcting a variance, ensuring there are no unanticipated consequences down the line!
- Common criticisms made against standard costing and variance analysis to ensure you’re aware of the limitations of these tools
Applying what you learn:
To help consolidate what you learn so that you’ll be ready to use your new skills when you need them, this course will be accompanied by a set of learning questions to help you memorise and practise what you have learnt!
What’s included in the course?
- Thoroughly explores the concepts, theories and models for this topic
- The content is professionally explained by our expert tutors alongside a visual presentation
- Come with downloadable audio files so you can listen to the content offline and on the go
- Full coverage of the video content using engaging and easy-to-follow language
- A range of examples to show you how these concepts might apply to real-life situations, e.g. in finance
- A practical exercise for each module based on the subject’s application in a finance team
- A series of questions designed to test your understanding of what you’ve learnt on the course
- Designed to get you to apply what you’ve learned to scenarios and commit the theory to memory
- The visual presentation from the video can be accessed for note-taking and for browsing alongside the video or audio download
- Can be viewed as still slides or in an interactive format to move around the screen
Purchasing the course
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