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Level 4 Diploma in Logistics and Supply Chain Management

Variance Analysis and Budgetary Control

LSC404 · Finance and Accounting — Week 9 of 16

CourseLSC404
Week9 of 16
SemesterII
TutorOnline in the course chat

This week’s topics

Variance Analysis and Budgetary Control

  1. Calculating favourable and adverse variances
  2. Fuel and labour variance investigations
  3. Operational causes of cost overruns
  4. Corrective managerial interventions
  5. MA34 - Variance Analysis - Explained
  6. Standard Costs and Variance Analysis
  7. Total Labour Variance | Explained with Examples

What you will be able to do

  • 3.3 Undertake a variance analysis on a budget.
  • 3.4 Identify the reasons for adverse and favourable budget variances.
  • 3.5 Identify actions to address budget variances.

Activity

Start with this week’s 3 videos, then: Seminar, guided reading and a short written task: undertake a variance analysis on a budget.

Study materials

Videos

  • MA34 - Variance Analysis - Explained · YouTube · Tony Bell · 11 min · for registered students
  • Standard Costs and Variance Analysis · YouTube · Edspira · 16 min · for registered students
  • Total Labour Variance | Explained with Examples · YouTube · Counttuts · 19 min · for registered students

Further resources

  • Managerial Accounting, ch. 10: How Do Managers Evaluate Performance Using Cost Variance Analysis? · PDF · Saylor Academy, textbook chapter; pp. 619–709 · for registered students
  • Principles of Accounting, Volume 2: Managerial Accounting, ch. 8: Standard Costs and Variances · PDF · OpenStax, textbook chapter; pp. 377–422 · for registered students
Materials marked “for registered students” open in the student portal, which is set up as soon as you receive final acceptance.
MidtermWeek 10
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Admitted students ask questions on this week’s page in the student portal: an AI assistant trained on the course answers first, and during the course’s timetabled classes Connect to your tutor brings your tutor into the chat, who may start a call if needed.

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Course plan
  • Week 1: Foundations of Financial Record-Keeping
  • Week 2: Core Financial Statements and Logistics Decision-Making
  • Week 3: Business Capital and Fixed Asset Depreciation
  • Week 4: Working Capital and Liquidity Management
  • Week 5: Sources of Finance for Logistics Operations
  • Week 6: Budgetary Frameworks and Approaches
  • Week 7: Budget Preparation in Logistics
  • Midterm: Midterm evaluation
  • Week 9: Variance Analysis and Budgetary Control
  • Week 10: Financial Performance and Ratio Analysis
  • Week 11: Addressing Financial Under-Performance
  • Week 12: Applying Finance and Accounting in practice: case studies
  • Week 13: Assignment workshop: research, planning and referencing
  • Week 14: Assignment workshop: drafting, feedback and improvement
  • Week 15: Review and coursework completion
  • Final: Final assessment and submission
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