The business is new – where a new business is opened (this may be a new site or a new department within an established and ongoing property) a budget will be prepared (known commonly as a 'pilot budget') that cannot use historical information/statistics to guide its formulation; industry statistics may be used and/or figures from other properties, or from elsewhere within the establishment – but there can be no records from that specific business to guide the preparation of the budget. Understandably, these budgets are frequently at significant variance from actual figures and, as such, require constant monitoring and regular recalculation.