Budgetary control

Last updated: 21.03.2016

Budgetary control is the process during which actual results are ascertained and compared with budgeted figures (variance analysis). The found differences are called variances (or deviations) and are usually further analyzed.  A remedial action can be taken based on this analysis. The corrective action may be operational (e.g. if poor-quality materials are currently causing high-level wastage, it can be decided to purchase better-quality materials from different supplier) or can also result in adjustments of strategy.

Budgetary control in its essence includes also the previous stages such as developing budgets and responsibility (budget) centers.

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