budget variance

USAGE SUMMARY

The phrase "budget variance" is correct and usable in written English.
It is typically used in financial contexts to refer to the difference between budgeted and actual figures. Example: "The budget variance for this quarter indicates that we have overspent in several categories."

✓ Grammatically correct

Formal & Business

Science

News & Media

Wiki

Human-verified examples from authoritative sources

Exact Expressions

2 human-written examples

The budget variance representing this difference which results from currency variances on non-dollar non-staff costs is not identified in the financial statements because the Conference resolution on the SRA relates only to staff costs.

FAO

Another exchange transaction relating to staff costs reported by the Organization is that which arises from the budget variance representing the difference between the Lira/Dollar exchange rate adopted for the budget (the market rate at the time the budget is approved) and the UN operational rate at the time of payment of staff expenditure in Lire.

FAO

Human-verified similar examples from authoritative sources

Similar Expressions

58 human-written examples

"Given the negative working capital position of the school, and a networkwide pattern of significant expense-side budget variances, the long-term viability of this school" remains in question, Mr. Chuang wrote in both schools' probation orders.

The New York Times

However, all strategies with n s in the range between 15 and 32, and corresponding values of n d,max ns ranging from 15 to 4 as allowed by the budget, resulted in variances of 0.22 or less, except for the strategy (30, 4) which gave a variance of 0.23 because it only managed to utilize 92% of the available budget.

BMC Medical Research Methodology

Similar effects are observed for the chemical source term in the scalar variance budgets.

Combustion and Flame

The DL transmit powers, path loss, link budgets, and noise variance are such that the SNR for each user is identical.

EURASIP Journal on Advances in Signal Processing

Performance management processes include such activities as planning, budgeting, performance monitoring, variance analysis, scenario analysis, and economic forecasting/modeling. Revenue generating processes include such activities as marketing, sales, product development, product management, and customer service.

Business Intelligence Strategy and Big Data Analytics A General Management Perspective

Monitoring the budget involves scrutinising the variances.

The Guardian - Arts

Orthogonal polynomials, which are often employed to empirically represent unknown and possibly very complex relationships, have been applied to the development of error budgets by fitting the variance of the projection as a function of the standard errors of the parameter estimates of the process model inputs.

Ecological Modelling

Mr. Bloomberg's deficit prediction is at the high end, putting him at variance with some budget watchdogs, including several that are normally considered quite conservative in their estimates.

The New York Times

Subtract the Cost Variance from the Budget at Completion to estimate the total project cost at completion: EAC = BAC CV.

WikiHow

Expert writing Tips

Best practice

When reporting a "budget variance", always specify whether it's favorable (under budget) or unfavorable (over budget) to provide clear context.

Common error

Avoid using "budget variance" when you actually mean budget volatility, which refers to the degree of fluctuation in the budget over time. "Variance" is the difference between planned and actual amounts, while "volatility" is how much the budget changes.

Linguistic Context

The phrase "budget variance" functions as a noun phrase, typically acting as the subject or object in a sentence. As Ludwig AI exemplifies, it often describes a difference between planned and actual financial figures. It pinpoints deviations from a financial plan.

Expression frequency: Very common

Frequent in

Formal & Business

30%

Science

30%

News & Media

25%

Less common in

Wiki

10%

Reference

2.5%

Encyclopedias

2.5%

Ludwig's WRAP-UP

In summary, "budget variance" is a common and grammatically sound term used to describe the difference between planned and actual financial figures. Ludwig AI confirms its correctness and usability in financial and business contexts. While alternatives like "budget discrepancy" or "budget deviation" exist, "budget variance" is widely accepted and understood. When using this phrase, ensure you specify whether the variance is favorable or unfavorable for clarity. Avoid confusing it with "budget volatility", which refers to the degree of fluctuation over time.

More alternative expressions

Phrases that express similar concepts, ordered by semantic similarity:

budget discrepancy

Replaces "variance" with "discrepancy", emphasizing a difference or inconsistency in the budget.

budget deviation

Uses "deviation" instead of "variance", highlighting the act of straying from the planned budget.

budget shortfall

Focuses on the negative aspect of the variance, specifically when the budget falls short.

budget overrun

Highlights a specific type of variance where expenses exceed the budgeted amount.

budget surplus

Highlights a specific type of variance where there is excess of funds compared to the budgeted amount.

financial discrepancy

Broadens the scope from "budget" to "financial", encompassing a wider range of financial inconsistencies.

budget gap

Replaces "variance" with "gap", indicating a difference between planned and actual figures.

budgetary difference

A more formal way of saying "budget variance", using "difference" instead of "variance".

spending variance

Focuses specifically on variances related to spending within the budget.

cost variance

Emphasizes the difference between the planned and actual costs.

FAQs

What does "budget variance" mean in accounting?

In accounting, "budget variance" refers to the difference between the budgeted, or planned, amount and the actual amount for a specific line item. It helps in analyzing financial performance and identifying areas needing attention.

How do you calculate "budget variance"?

Budget variance is calculated by subtracting the budgeted amount from the actual amount. The formula is: Actual Amount - Budgeted Amount. A positive result indicates a favorable variance (under budget), while a negative result indicates an unfavorable variance (over budget).

What are some common causes of "budget variance"?

Common causes include inaccurate forecasting, unexpected changes in market conditions, inefficient operations, or poor cost control. Understanding the cause is crucial for corrective action.

What can I say instead of "budget variance"?

You can use alternatives like "budget discrepancy", "budget deviation", or "financial discrepancy" depending on the context.