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Home > QFINANCE Dictionary > Definition of budget variance

Definition of

budget variance

Accounting

difference between budget estimate and reality the difference between the financial value of something estimated in the budget, such as costs or revenues, and its actual financial value

Recommended Further Reading (Term count)
  • Project Planning Techniques for Small and Medium Enterprises
    by Damian Merciar
    One working definition of a project would be that it is a one-off job that has a known start time, a planned end time, and an intended outcome, and that it would include a defined scope of work, a budget, and personnel assigned to carry out the work. What distinguishes a project from regular work is that it is multi-task in nature—it is not a single job repeated.This is where the Project Management Institute Body of Knowledge (PMBOK) comes to...
budget variance - Related Articles
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Definitions of ’budget variance’ and meaning of ’budget variance’ are from the book publication, QFINANCE – The Ultimate Resource, © 2009 Bloomsbury Information Ltd. Find definitions for ’budget variance’ and other financial terms with our online QFINANCE Financial Dictionary.

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