This course is part of the A Practical Guide to Budgeting ExpertTrack
Budget Forecasting, Costing, and Variances
Delve into the budgeting process and the different tasks involved to help find the budgeting approach that works for you.

Duration
3 weeksWeekly study
3 hours100% online
How it worksIncluded in an ExpertTrack
Course 2 of 4
Budget Forecasting, Costing, and Variances
Understand the need for a flexible budget
To develop financial expectations for the future, there are many processes within a budget to help you manage both long-term and short-term financial goals.
On this three-week course, you’ll explore the tools to help you master budgeting tasks such as costing, forecasting, and variances.
Through real-life examples and interactive quizzes, you’ll learn how to calculate costs, cover fixed and flexible budgets, and find the budgeting approach that is best suited for your context.
Delve into budget forecasting
You’ll gain an introduction into forecasting to help you understand how to use it in your budgets.
Exploring time series analysis, moving averages, and variation, you’ll learn practical techniques to help you use budget forecasting to achieve your financial aims.
Unpack the different types of variances
On the final week of the course, you’ll unpack variances to understand how to account for the difference between budgeted and actual income and expenditure.
You’ll explore different types of variances and the reasons you could encounter them, such as materials and labour shortages.
Learn from the experts at Kaplan
Throughout the course, you’ll be guided by the experts at Kaplan. With their help, you’ll gain the knowledge and skills to successfully carry out costing, forecasting, and variance tasks in your budgeting.
Syllabus
Week 1
Calculating costs and flexible budgets
Welcome
A welcome to Course 2 of the A Practical Guide to Budgeting ExpertTrack.
Breaking down the costs for a budget
This activity looks at how to calculate fixed and variable elements of semi-variable costs and of stepped fixed costs.
Fixed, flexed and flexible budgets
This activity looks at how fixed, flexed and flexible budgets can help managers exercise control.
Week 2
Forecasting
Welcome
A welcome to Week 2 of the A Practical Guide to Budgeting ExpertTrack.
Time series analysis and moving averages
Calculate forecasts using a variety of methods Understand the limitations of forecasting methods
Linear regression
Calculate forecasts using a variety of methods Understand the limitations of forecasting methods
Indexes
Calculate forecasts using a variety of methods Understand the limitations of forecasting methods
Expected values
Calculate forecasts using a variety of methods Understand the limitations of forecasting methods
Week 3
Variances
Welcome
An introduction to using variance analysis in budgeting
Materials variances
An introduction to materials variances
Labour variances
Explain each of the required sections in the activity (to include any links to specific existing content to be repurposed):
Sales variances
Understand possible causes of variances Be able to calculate variances
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Learning on this course
On every step of the course you can meet other learners, share your ideas and join in with active discussions in the comments.
What will you achieve?
By the end of the course, you‘ll be able to...
- Calculate fixed and variable costs
- Identify the differences between fixed, flexible and flexed budgets
- Calculate forecasts using a variety of methods
- Calculate variances using appropriate methods
- Identify the difference between adverse and favourable variances
Who is the course for?
This course is designed for anyone who wants to learn more about the budgeting process and how to start preparing a budget.
You could be a new business owner, working in financial planning, or studying finance and looking to develop key budgeting skills.
Who developed the course?
Kaplan
Kaplan UK is a leading international provider of educational and career services. Building on a rich heritage of more than 50 years of training accountants and financial professionals, Kaplan UK serves more than 48,000 students a year, both based in the UK and from overseas, who train for AAT, CIMA, ACCA and ICAEW qualifications.
Established
1971Location
London, UK
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