In your studies this week, you learned to prepare operational and financial budgets, implement standard costing systems, and analyze variances related to materials, labor, and overhead costs. This process effectively demonstrates the full circle of the management accounting basic framework as budgeting represents the planning, the use of standard costs represents the actual decision-making and operations, and variance analysis represents the evaluation of performance. In your posting, address the following: Discuss the primary steps involved in the master budget including any considerations, assumptions, or other specifics that may be relevant to your company or industry. Explain the role of variance analysis as a management monitoring tool including the