Costs Out of Control? Use Variance Analysis to Take Back the Numbers

When actual costs don’t match expected costs, someone needs to explain why—and that someone is usually you. This session helps finance professionals unpack, analyse, and explain cost variances using standard costing techniques. Whether you're working in manufacturing, services, or supporting clients, this is about turning costing reports into business intelligence your team (or your client) can actually use.

3 CPD units 11 July 2025 1 presenter

What will set you apart

By completing this course you will gain the following competencies

By attending this webinar you will gain the following competencies
✅ How standard costing works—and when to use it
✅ The key cost variances (materials, labour, overheads) and how to calculate them
✅ What variances really mean for decision-making, pricing, and control
✅ How to investigate and explain variances to non-financial stakeholders
✅ How to use variance analysis to improve business performance—not just report it

Event breakdown

Understanding Standard Costing – What it is, why it matters, and when it applies – Setting realistic standards for materials, labour, and overheads – Linking costing systems to business strategy
Calculating Key Variances – Direct material price and usage variances – Direct labour rate and efficiency variances – Variable and fixed overhead variances – Interpreting the results with real-world context
Investigating and Explaining Variances – When a variance matters—and when it’s just noise – Root cause analysis and relevant questions to ask – Bridging the gap between finance and operations
Using Variance Analysis for Control and Forecasting – Feeding variance data into forecasting and budgeting – Spotting trends and early warning signs – Monthly reporting: how to present variance insights meaningfully
Real-World Examples and Case Studies – Service vs manufacturing business examples – Variance-driven decisions that saved money or protected margins – Practitioner tips for communicating variances with impact

Category: Management AccountingType: CPD CourseCPD category: Management Accounting

Description

Standard costing isn’t just an accounting exercise—it’s a decision-making tool. Whether you're helping a factory, a construction project, or a service-based business, understanding cost variances can help uncover inefficiencies, control wastage, and protect margins. This session breaks down how standard costing works, how to calculate and interpret the key variances, and how to turn that analysis into action. Expect real-world examples, clear explanations, and tools you can use immediately in your role or practice.

Presenters

Michelle de Lange — Michelle de Lange is a Senior Lecturer in Management Accounting and Finance at Milpark Education. She is a registered CA (SA) and CGMA, and came 2nd in the world in the Strategic level case study exams in 2022. She was also recently awarded the Elite University Educator in the CIMA Professional Awards in 2023.

You will earn a certificate

On successful completion you will receive a certificate for 3 CPD units in Management Accounting.

Requirements

Laptop, desktop, or mobile device with internet access
Microsoft Edge, Google Chrome, Safari, or Firefox browser