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Cyclic Chains:
In Markov Chains the current state of the system depends on all previous states. It is a stochastic process. Sometimes transition probability matrices are different from State I to State II, State II to State III etc and from cyclic chains which repeat in the same order.Recurrent State:
A state is recurrent if it is certain to take place again, given that it has happened at least once, otherwise it is said to be transient. In other words, a transient state will take place only a limited number of times and then go away forever whereas the recurrent state is permanent. If a process is finite (i.e. has a finite number of states) and is irreducible, then all states are recurrent. This is the most common form of Markov Chain in applications.
Explain the terms - Cost object and Activities Cost object : it is an item for which cost measurement is required for example a product or a customer. Activities: these c
Material usage variance Difference among standard quantity of material and actual quantity used is the material usage variance. This variance arises due to: Economic use of
Conceptual understanding: defining in identifying relevant information Business application - Dave burgers is in the fast food restaurant business. One component of it's market
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their definitions and the advantages and disadvantages
UNCERTAINTY OF DEMAND Demand is the most troublesome variable to predict accurately. Actually, demand may fluctuate from day to day, from week to week or from month to month. T
What is Activity ratio Funds are invested in several assets in business to make sales and earn profits. The efficiency with which assets are managed directly affects the volume
Describe Financial budgets Financial budgets: financial budgets are concerned with cash receipts and disbursements working capital expenditure financial position and business o
Lock Box System: In this type of system, the customers are advised to mail their payments to a post office box hired through the firm for collection purposes near their region. T
The Braggs & Struttin' Company manufactures an engine for carpet cleaners called the "Snooper." Budgeted cost and revenue data for the "Snooper" are given below, based on sales of
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