Problem:
You are an executive with a company that prepares budgets annually for each calendar year. You have just finished the first quarter of the year and you discover that the company's actual performance for the quarter is nowhere near what you had budgeted for the quarter.
Should you re-write the budgets for the remaining three quarters or just stick with them and see what happens?
What factors might go into your ultimate decision?
Note: Explain all steps comprehensively.