From the course: Excel: Management Accounting
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Variances in Excel - Microsoft Excel Tutorial
From the course: Excel: Management Accounting
Variances in Excel
- [Instructor] Let's drill down on the concept of variance analysis and start putting it into practice, shall we? I'm in the 02_01_Begin Excel file. So what we have here are financial figures and financial projections for our company. We'll call it ACME Inc. And on the left-hand side from 2015 through 2017, these are actual numbers for the firm. On the right-hand side, to the right of this line, these are projections over the next three years. Now our job as management accountants is to help to make sense of this information on behalf of the executives. One way we can do that is to help the executives to understand where the firm needs to go. To do that, we're gonna put together a plan variance to help the management team understand where we were at the end of 2017 and where we need to get to by the end of 2020. So our formula for plan variance is just going to be the result that we expect to have, that is our budgeted result for the end of 2020, minus our actual result for the most…
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