REQUIREMENT
As we have experienced, the recent COVID-19 pandemic has created many unexpected disruptions to our society and economy on a global scale. Suppose that you are in the upper management team of a multinational corporation (e.g., General Mills, Procter & Gamble, Caterpillar, Merck, United Airlines, etc.). First, discuss why it might not be useful to do budgeting in this challenging period of the pandemic. Then, also provide your own arguments for why firms still need to keep doing budgeting and conducting variance analyses. Discuss specific benefits that firms/managers can gain from budgeting and variance analyses even or especially in this pandemic crisis period. Finally, offer your own suggestions and/or caveats that managers need to consider in conducting budgeting and variance analyses amid the current pandemic period. Provide your thoughts specifically and clearly. Your arguments and suggestions should be rational and cost-beneficial.