Deviation from Budget
What is it?
Deviation from Budget is the variance between actual result and budgeted costs or income for a given period. It represents either a positive or negative difference and indicates how well the organization has managed to stay within the planned budget for a specific activity, project, or operation.
How is it calculated?
Deviation from Budget = Result - Budget
Why is it important to follow?
Carefully tracking the deviation from the budget is crucial for ensuring financial stability and efficient resource utilization within the organization. By identifying and analyzing deviations, the organization can understand why costs have deviated from the planned amounts and take action to correct any issues or improve future budgeting and planning. This enables better resource allocation, reduces the risk of financial losses, and contributes to maintaining sound financial governance and management.
Created by Homepal
5/3/2024
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