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Markov AnalysisIt is a way of analyzing the current movement of some system in an effort to predict the future movement of the same system.There are two elements that must be determined in the process of constructing a Markov model in the system. These elements are the possible states of the system and the probabilities of moving between states (also called transition probabilities). A system state is a status of the system at a particular point in time, such as whether or not a machine is operating, whether an account is paid or not paid etc.Transition probabilities:Represent the probability of the system moving from one state to another during a particular period. We can organize the transition probabilities in the form of a table or matrix.
Difference between a fixed and flexible budget Fixed budget A fixed budget remains the same irrespective of changed situations. It remains inflexible even if volume of
Risk seeking: A risk seeker is a decision maker who is concerned in the best likely outcome no matter how small the chance that they might take place i.e. he takes high risks
how do i calculate the actuarial gains or losses on the present value of plan obligations?
In 2007, the controller of the XYZ Company discovered that 2006 depreciation expense was overstated by $50,000, a material amount. Assuming an income tax rate of 40 percent, the pr
I am to write thesis on Budget and Budgetary Contro. Can you please help me with contents and notes?
What is Standard costing Standard cost is a predetermined cost. It is a determination in advance of production of what should be the cost. When standard costs are used for the
The least-cost method The process is described as follows: Assign as much as possible to the variable with the least unit cost in the whole tableau. (Ties are broken randomly).
The Rohr Company’s old equipment for making subassemblies is worn out. The company is considering two courses of action: (a) Completely replacing the old equipment with new equipme
The Role of Computers in Simulation Computers can be used to: 1) To generate the random numbers 2) To simulate thousands of trials. This is done extremely fast, accuratel
Calculation
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