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Types of Simulation
1) Operational Gaining Method:
This refers to those situations involving conflict of interest among players or decision makers within the framework of a simulated environment. The two most widely used forms of operational gaming are military games and business management games (mostly computer oriented)
2) Monte Carlo Method:
In Monte Carlo simulation the behavior of at least some components of the model are probabilistically determined. It can be used to solve several different classes of problems. The first are problems that involve some kind of stochastic process while the second are deterministic methods.
To carry out a realistic simulation involving probabilistic elements, it is necessary to avoid bias in the selection of the values which vary. This is done by selecting randomly using one of the following methods.
• Random nos. generated by computers• Random no. tables• Variables in a Simulation Model
A business model usually consists of linked series of equations and formulae arranged so that they behave in a similar manner to the real system being investigated.
contribution margin
The management of Popular Stores Sdn. Bhd. are in the process of exploring the company’s investment opportunities.
reasons for favourable or adverse variances i.e. prise usage, mix, yeild
The Work in Process account for Monty's Company contained the following entries: Work in Process Account Debit of $40,000 for direct raw materials Debit of $60,000 for direct labor
full explaination with diagram
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State (or select) the dependent variable (Y) Will the CER be employed to estimate price, labor hours, cost, material cost, or some other measure of cost? Will the CER be employ
Explain in Details Return on INVESTMENTS
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