Discuss the concept of management by expection and how it could be applied to the variances..
I have completed the majority and the heart of this paper, I have simply ran out of time. The piece of the paper that I need completed is to go line item by line item and discuss 1) address the activity variances 2) How much was the variance and why. 3) Recommend corrective actinos for areas of convern in the budget planning.
4) Lastly discuss the concept of management by expection and how it could be applied to the variances. Also discuss the threshold.
I have attached the workbooks: You will use the worksheets for Task 2 for this assignment. There are two worksheets.
These are the instructions that I was given:
A. Prepare a summary report in which you do the following:
1. Discuss specific budgetary items that raise concern in the budget planning (Spreadsheet Tab: Task 2_Budgets_and_Proformas).
2. Evaluate the flexible budget and its variances (Spreadsheet Tab: Task_2_Budget_Variances).
a. Recommend corrective actions for areas of concern based on a variance analysis.
b. Discuss how the concept of management by exception could be applied to the variances.
B. When you use sources, include all in-text citations and references in APA format.
Note: When bulleted points are present in the task prompt, the level of detail or support called for in the rubric refers to those bulleted points.
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