A colleague of yours alleged to your company’s board of directors that CVP is a short-run-oriented model and is therefore of limited usefulness. Because you have used it many times in making presentations to the board, the CEO has asked you to evaluate the perspective voiced by your colleague and prepare a report addressing the contention for the board. In a second request, the CEO has asked you to prepare a separate report for internal management’s use addressing how the CVP model could be adapted to become more useful for making long-run decisions. Prepare these two reports for the board and for management’s use.