Budget vs Actuals: Understanding the Budget Burn Rate, Budget Utilization and Budget Variance

When it comes to comparing cost data from AWS cost reports with our planned budget, there are several metrics to consider. Key Performance Indicators (KPIs) are essential tools for tracking, analyzing, and optimizing cloud spending. To analyze the data, we’ll leverage Python and the visualization library, <code>matplotlib</code>, to create informative and visually appealing charts. <img alt="" src="https://miro.medium.com/v2/resize:fit:700/0*-kuyHO6YxRcmmx_v" style="height:467px; width:700px" /> Photo by <a href="https://unsplash.com/@isaacmsmith?utm_source=medium&utm_medium=referral" rel="noopener ugc nofollow" target="_blank">Isaac Smith</a> on <a href="https://unsplash.com/?utm_source=medium&utm_medium=referral" rel="noopener ugc nofollow" target="_blank">Unsplash</a> <h1>Mocking Data from Cost Reports</h1> For this example, our daily expenses (<code>COSTS_PER_DAY</code>) will be mocked, and we will assume a monthly budget (<code>MONTHLY_BUDGET</code>) of 2500 USD, equivalent to ~83 USD per day. <a href="https://levelup.gitconnected.com/budget-vs-actuals-understanding-the-budget-burn-rate-budget-utilization-and-budget-variance-6cebfabaf3f8">Read More</a>