You are the CEO of Lakeshore Regional Medical Center and are reviewing the planning and budgeting process for the next fiscal year, with the Finance Committee of the Board of Directors. They want to change the process and are considering options. They have requested that you review the following options and provide them with a written response in the form of a memo. Provide a memo as if you were writing to individuals that were new to these concepts.

a. Should the budget be zero-based or conventional?

b. Are you in favor of a top-down or bottom-up process?

c. Should the budget be fixed or flexible?

d. Explain the purpose of variance analysis to the Board members.

e. Explain to the Board members how planning and budgeting are linked.

Answer rating: 100% (QA)

The detailed answer for the above question is provided below Memo To Finance Committee of the Board of Directors From Monse Ruby CEO of Lakeshore Regional Medical Center Date February 7 2024 Subject R... View the full answer