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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.
Representation of Simplex method We shall use the example previously stated for the graphical solution. The standard form of the model is given by: Maximize : Z = 3X E + 2
Discuss arguably how management accountants should decide when are faced with the extra shift decision
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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
Explain the Types of standards The following is the brief description of various types of standards: 1) Basic standards: these are the standards which are assumed to remai
What is the correct formula for Post Cost?
Anthony''s orchard
How marginal costing would improve the problems faced in absorption costing on manipulation of profits.
Q.Process of Pricing in maturity period? Maturing periods is the third stage in the life cycle of a product. If is a stage between growth period and decline period of sales. So
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