Budget Variances in Facilities Management (online course)

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Wouldn’t it be nice if our carefully planned and managed budgets were always accurate and effective?

Sadly, with the best will in the world, this is rarely the case. Unexpected events, external factors or simple miscalculations can wreak havoc on our budgets, meaning the actual amount we spend can be different to what we anticipated. These differences are called budget variances.

In this course, we’ll examine what budget variances are, how they occur and most importantly, how to deal with them.

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About this course

In this course, we’ll be taking a close look at budget variances, exploring what they are, what causes them and how to handle them in order to bring the budget back into line. We’ll examine both favourable and adverse variances and look at the various factors that can cause them, including those within our control and outside of it.

We’ll then look at various ways that we can deal with a budget variance, including making adjustments to specifications, using virements, adjusting maintenance strategies and more. For each of these methods, we’ll take a look at the advantages and disadvantages so you can make an informed and sensible decision about how best to address any discrepancies in your facilities management budget.