Budget Variation Report Example
Introduction:
Max Lionel realty was established in 2008 by property developer max Lionel. Through its client agents, the organization manages property sales and rentals on behalf of a range of clients. This organization also separately engages in investment activities, such as property and land development. Max Lionel conducts day-to-day operations to achieve company strategic objectives.
- Engaging with customers and clients
- Building goodwill and reputation for integrity
- Supporting innovation thinking, management and leadership skills
- Creating a high performing and highly profitable organization
Project Title:
Comply with legal and ethical obligation and building customer goodwill.
Budget Variation Report:
The purpose of a “Variance Report” as shown below is to identify differences between the planned financial outcomes (the Budget) and the actual financial outcomes (The Actual). The difference between Budget and Actual is called the ‘Variance”.
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Income |
Budget |
Actual |
% Variation |
|
Stage 1 |
$ 7,500 |
$ 7,500 |
0 % |
|
Stage 2 |
$ 7,500 |
$ 7,500 |
0 % |
|
Total Income |
$ 15,000 |
$ 15,000 |
0 % |
|
Expense |
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Design |
$800 |
$ 650 |
-$150 and 16.25 % |
|
Development |
$2,000 |
$ 2,200 |
$200 and 10 % |
|
Premises expenses |
$2,000 |
$ 1,500 |
– $500 and 25 % |
|
Wages, salaries |
$5,500 |
$ 5,400 |
– $100 and 1.82 % |
|
Communication expenses |
$1,500 |
$1,600 |
$100 and 6.67 % |
|
Offices supplies |
$1,200 |
$ 1,300 |
$100 and 8.33 % |
|
Subtotal |
$13,000 |
$ 12,750 |
– $250 and 1.92 % |
|
Contingency (10%) |
$ 2,000 |
$1,950 |
– $50 and 2.5 % |
|
Total Expenses |
$15,000 |
$ 14, 600 |
– $400 and 3 % |
Handover Report:
The handover report is used to formally confirm if work or performance were delivered to the customer. Mostly it is a confirmation of the actual delivery of work that is then accessible to the clients or customers.
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Handover Report |
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Initial Overall objectives |
This project is to complying with legal and ethical obligation and to achieve the goodwill of the client. Purpose of this project is to improve client focus and integrity to work under good environment and in a good team. |
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Agreed changes to objectives |
Nil Change to objectives |
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Final agreed deliverable |
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Item |
Budgeted Cost |
Final cost |
Final date |
|
Initiation of the project |
$3000 |
$2700 |
05/02/2016 |
|
Plan the project |
$3000 |
$2900 |
20/02/2016 |
|
Implementation of the project |
$3000 |
$3200 |
29/02/2016 |
|
Monitoring of the project |
$3000 |
$3000 |
28/03/2016 |
|
Reviewing the project |
$3000 |
$3100 |
11/04/2016 |
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Issues summary |
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Item |
Strategy |
Date logged |
Date resolved |
|
Nil issue |
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Document attached |
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No. |
Title |
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1. |
Budget variance report |
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2. |
Post-project review report |
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Project Title: Comply with legal and ethical obligation and building customer goodwill. |
Project Manager: Mr. Y |
Project Sponsor: Max Lionel |
Date: 17/04/2016 Version: 1 |
Post-project Review Meeting:
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Post-Project Review Meeting – Agenda |
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Topic |
Speaker |
Time |
|
Brief overview of project: This project is to complying with legal and ethical obligation and to achieve the goodwill of the client. Purpose of this project is to improve client focus and integrity to work under good environment and in a good team. The project has been completed now and main objectives have been achieved. All organizational staff including agents etc., clients and tenants are now aware of organization’s legal and ethical obligations. |
Project Manager |
5 mins |
|
Review by team: Goals, objectives, deliverables, schedule, budget, and success criteria that are attached already. |
All |
10 mins |
|
What worked/what could have gone better? Project planning, project management, Project scheduling and tracking, project estimating, Communication, risk management, vendor management, Issues management, stakeholder management, resourcing, Development approach, training, documentation, technology, Overall approach to project and production and operation support. |
All |
25 mins |
|
Lessons Learned |
All |
10 mins |
|
Next Steps |
All |
5 mins |
Post – Project Review Report:
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Post – Project Review Report |
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Name of project: Comply with legal and ethical obligation and building customer goodwill Date and location of meeting: 17/04/2016 at Conference room Name of attendees: All team members |
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1.Overview by Project Manager: This project is to complying with legal and ethical obligation and to achieve the goodwill of the client. Purpose of this project is to improve client focus and integrity to work under good environment and in a good team. The project has been completed now and main objectives have been achieved. All organizational staff including agents etc., clients and tenants are now aware of organization’s legal and ethical obligations. |
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2. Review by team of goals, objectives/deliverables and schedule as outlined in project plan |
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Met |
Missed |
Partially met |
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Project goals |
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Objectives/deliverables |
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Success criteria |
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Schedule |
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Budget |
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3. What worked well; what could have gone better? |
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4. Lessons learned |
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5. Next Steps: |
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Project Sponsor: Max Lionel |
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Project Manager: Mr. Y |
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Finally, the project has been completed successfully. All the staff of Max Lionel Realty including agents etc., clients and tenants are now aware of legal and ethical obligation. The organization is now comply with legal and ethical obligation and build customer goodwill.