CPD Course: Variance Analysis

Variance Analysis

When budgetary targets aren’t hit (or even when they’re surpassed), it’s critical that we look back and examine why. By doing so, steps can be taken to correct any adverse variances or capitalise on any favourable ones, allowing the efficiency and effectiveness of the organisation to be improved. Alternatively, if a variance turns out to be unavoidable, then this information can be used to set more accurate budgets going forward. 

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

Specifically, you will 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

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?

Videos

  • 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

Handbooks

  • 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
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Learning questions

  • 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

Presentation slides

  • 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

To purchase this course, simply add the course to your basket with the button below and then either proceed to checkout or continue browsing for more CPD courses…

Astranti CPD Course:
Variance Analysis

£189.00

What our satisfied customers say…

Please see our testimonials page for more reviews. Here are a few examples:

Excellent materials and lots of support when needed.

Gemma via Trustpilot

Astranti customer, 2021

I used Astranti materials and I can honestly say they are an excellent course provider. The materials are expertly delivered, easy to follow and very motivating. Highly recommended.

Lee via Trustpilot

Astranti customer, 2021

Astranti is an excellent centre for anyone wishing to pursue their professional education and learning. I find its courses highly relevant and practical, the content well-organised and its administrative service efficient. Engaging in an Astranti course is truly a rewarding experience and a worthwhile investment.

Chang Weng Khai via Trustpilot

Astranti customer, 2021