Variance Analysis Excel Model Template
Originally published: 02/10/2018 13:20
Last version published: 16/01/2019 09:08
Publication number: ELQ-82406-2
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Variance Analysis Excel Model Template

This is a Variance Analysis Excel Model Template, brought to you by CFI.

This Variance Analysis Excel Template offers a simple yet useful example for conducting variance analysis.

Variance is the difference between measuring the volume of production to be budgeted and the volume achieved. Variance analysis is where the variance numbers are taken, analysed, and then a conclusion is reached to explain an event, i.e. why a budget was missed. It therefore gives the user an idea of how a specific period has performed.

This particular Excel template incorporates a number of different types of variance, this includes:

- Standard Production Cost (per gadget): Direct Materials, Direct Labour, Variable Manufacturing Overhead, and Fixed Manufacturing Overhead

- Actual Costs

- Materials Variance

This then determines the price variance, quantity variance, and overall materials variance. Alongside this is the rate variance, efficiency variance and overall labour variance.

Please refer to the accompanying video which gives a succinct tutorial on variance and variance analysis. It will help you to understand and utilize the Excel template more efficiently, whilst also giving more clarity regarding the download.

If you have any questions regarding this model or the video, do not hesitate to reach out by starting a discussion below.

To find more models and templates from CFI, please refer to our channel page.

This Best Practice includes
1 Excel Template, 1 YouTube Video

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