Question: The budgeting process may be approached differently in various firms. Top-down budgeting has its inception with directives from senior management who prepare the budget for staff and assess performance based on objectives established at higher levels. Any additional compensation received occurs as a result of achieving budgetary targets imposed by others. In contrast, bottom-up budgeting reflects the predictions of cost, revenue, profit, and investment center managers-proposed and approved by senior managers. Incentives are negotiated by managers proposing the budget rather than imposed by higher level executives. In a well-written paper demonstrating CSU-Global standards, answer the following questions: Define a flexible budget and describe its use. What are the potential benefits of monitoring direct cost variances? What are the potential benefits of monitoring overhead variances? Should managers be commended for achieving favorable overhead spending, efficiency, and production volume variances? Rationalize your response.