Addressing Budget Variances
Task 5: Identifying and addressing variances to budget
|Variance identified:||How it was identified:||Investigated yes/no and why:||Action(s) taken to address variation|
|Labour efficiency||By supervising work of labour on a daily basis||No, it was not investigated because drop in labour efficiency is a common occurrence||Labours were given oral warning. They were informed that their salary might be deducted if they further fail to maintain efficiency|
|Overhead cost||By calculating overhead cost expenditure once a week||Yes, it was investigated because this condition was leading to reduction of available money for performing budget-related activities||Draft of overhead list was refreshed and further arrangements for extra financing was carried out (Lau, 2015, p.17)|
|Sale price||By carrying out benchmark analysis||Yes, it was investigated because it led to reduction of revenue generation||Market analysis of similar products were carried out to decide upon ideal price|
|Net profit||By calculating each type of income and expenditure||Yes, it was investigated because it was threatening profit generation||Weekly updating of financial statement was made mandatory|
|Staff cost||By reviewing salary structure of staffs||No, it was not investigated because this condition is not of much concern and can be solved easily||Work pressure of staff was reduced and job description was revised. Needless job positions were abolished (Andrijasevic and Sacchetto, 2017, p.62)|
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