Budgeting is how a business plans for future production cycles. An initial budget - known as a "static" budget - is a necessary planning tool; creating a second, flexible budget allows a business to ...

Discover how to calculate variable overhead spending variance, its impact on costs, and examples of favorable vs. unfavorable ...

Facilities that focus on manufacturing and production track two kinds of costs: fixed costs and variable costs. The variable costs are those that change when production levels change: raw materials, ...

A company's planned budget at the beginning of the year will always end up being different from how the year actually plays out. It's just impossible to predict how the year will go. The differences ...

Discover how efficiency variance reveals the gap between expected and actual inputs in production and its impact on labor, materials, and costs.

Have you ever found yourself staring at rows and rows of budget and actual data, wondering how to make sense of it all? You’re not alone. Budget versus actual analysis is one of those tasks that feels ...

A report by Thunder Bay city administration on how much COVID-19 could impact the city's 2020 budget was received by councillors - with some wanting to know what's on the chopping block to try and ...