Management Discussion and Analysis $($MD&A$)$

The Management Discussion and Analysis section provides the real detail on year$-$to$-$year performance. This section contains the real substance of the Annual Report. In your case, this will be the current simulation year just completed vs$.$ the prior simulation year. Topics will be both qualitative and quantitative around all aspects your recently completed year relative to the prior year. The MD&A should include a complete variance analysis of performance and the successes and failures of your decisions for the year. It is the time you will delve into the details of your operating decisions. The MD&A section is typically devoted to the past $($your future was described in prior sections$).$ Reference to the Financial Statements and your recently completed Annual Operating Review is crucial. Graphics from your Business Intelligence Dashboard and your Variance walks on Income and Cash can provide visual insight into your performance.