Advantages of simulation, Managerial Accounting

Advantages of Simulation

1) It can be used in areas where analytical techniques are not available or would be too complex.

2) Constructing the model inevitably must involve management and this may enable a deeper insight to be obtained into a problem.

3) A well-constructed model enables the results of various policies and decisions to be examined without any irreversible commitments being made.

4) Simulation is a cheaper and less risky than altering the real system.

5) Can be used for training decision makers.

Posted Date: 12/7/2012 5:59:04 AM | Location : United States







Related Discussions:- Advantages of simulation, Assignment Help, Ask Question on Advantages of simulation, Get Answer, Expert's Help, Advantages of simulation Discussions

Write discussion on Advantages of simulation
Your posts are moderated
Related Questions
major ways that these complexities might impact a business

Chicken and Hawk (dove game) Two players meet at a one-lane bridge and each must choose whether to cross first or wait for the other. If both play Tough (T), they crash in the

Objective Function Although the standard LP model can be either the maximization or the minimization type, it is sometimes useful to convert one form to the other. The maximiz

A managerial accounting strategy focusing mainly on maintaining efficient levels of both components of working capital that is current assets and current liabilities, with respect

Decision-making is an integral part of all management functions. It is the process of choosing the among alternative courses of action. Managers have to

Cash to debt service ratio  Cash to debt service ratio also known as debt cash flow coverage ratio is an improvement over the interest coverage ratio and is calculated. The

Explain the categories of The activity cost drivers The activity cost drivers can broadly be classified into following three categories: 1) Transaction drivers: for exampl

After going through this section, you must be capable to: Know the concept and characteristics of working capital; Identify with the difference among net working capital

Break even point or B.E.P. pricing method : Break even point is the volume of sales at which the total sale revenue of the product is equal to its total cost. In other words, it

Trinco Ltd (Trinidad & Tobago-T&T) has been negotiating a contract with a potential customer in Jamaica. Before the negotiations started the Jamaican company agreed to pay $10,000