Discussion: Describe the different types of budget variances and provide examples of each
NUR 621 Topic 4 DQ 1 Assessment Description
Describe the different types of budget variances and provide examples of each.
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NUR 621 Topic 4 DQ 1 Sample
Budget variations are the differences between projected outcomes and actual financial practices. There are two classifications for these variances, as described by Karaev et al. (2023), including positive and negative variances. Positive variances ensue when actual revenue exceeds the budget or when expenses are less than budgeted. For example, a positive variance results from a unit whose actual staffing expenses are less than the budgeted amount due to effective resource use. On the other hand, negative variances result from actual expenses surpassing budgeted levels or revenues below budgeted projections. NUR 621 Topic 4 DQ 1 An instance of such variance would be an unanticipated rise in supply costs brought on by market changes, resulting in more-than-expected expenses (Mkuhlana & Jowah, 2022). Negative variances call for corrective action to align the budget with projections.
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Variations in budgets may also be categorized in terms of their primary causes, such as volume and efficiency. Kuźmiński et al. (2023) state that differences in the actual volume of services provided, as opposed to expectations, are the source of volume variations. For example, an unanticipated rise in patient admissions might lead to more significant major labor expenditures and a volume variation. On the other hand, variations in efficiency influence the degree of use and applicability of resources (Karaev et al., 2023). An efficiency variance could occur when a unit needs more staff hours than planned to provide the same level of service. Effective financial management necessitates understanding and analyzing these variations, thus providing areas of improvement, supporting corrective measures, and steering the subsequent budget formulation.
NUR 621 Topic 4 DQ 1 References
Karaev, A. K., Gorlova, O. S., Ponkratov, V. V., Vasyunina, M. L., Masterov, A. I., & Sedova, M. L. (2023). Program-target mechanisms to ensure the fiscal balance of the federal constituent. Emerging Science Journal, 7(5), 1517–1533. https://doi.org/10.28991/esj-2023-07-05-05
Kuźmiński, Ł., Kes, Z., Draskovic, V., Gawlik, A., Rabe, M., Widera, K., Łopatka, A., & Śniegowski, M. (2023). Modeling the risk of budget variances of cost energy consumption using probabilistic quantification. Energies, 16(5), 2477. mdpi. https://doi.org/10.3390/en16052477
Mkuhlana, X., & Jowah, L. E. (2022). The role of budgeting systems on successful project execution at a selected government department in the Cape Metropolis. European Project Management Journal, 12(1), 13–31. https://doi.org/10.56889/tkoe4882 NUR 621 Topic 4 DQ 1
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