Templates
Finance
Variance Analysis Template
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Variance Analysis Template

Explore our Variance Analysis Template, a targeted workflow that enhances performance metrics evaluation, identifies variance causes, and drives business improvement.
1
Identify the standard performance metrics for the specific department or sector
2
Collect data on actual performance metrics
3
Collect data on standard or budgeted performance metrics for comparison
4
Data analysis: Compare actual and standard/budgeted metrics
5
Calculate variance between actual and budgeted performance metrics
6
Identify the causes for variance
7
Approval: Supervisor on causes for variance identified
8
Evaluate the impact of variance on overall business performance
9
Draw up an improvement plan if variance is negative
10
Approval: Manager on improvement plan
11
Communicate results of variance analysis to stakeholders
12
Implement improvement plan if approved
13
Monitor progress and reevaluate variance after a set period
14
Compile report on variance analysis and improvement measures
15
Approval: Review Board on compiled report
16
Communicate final report and future action points to relevant team members and stakeholders