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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.
Explain Indirect expanses: These are expanses which can't be directly conveniently and wholly allocated to a specific cost centres or cost units examples of such expanses are h
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Disadvantages of standard costing 1) Difficulty in setting standards: setting of standards in practice extremely difficult and complicated task. First it is not possible to f
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