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SIMULATION MODELS
Simulation is a method of analyzing a system by experimentally duplicating its behavior. Management accountants can be able to make meaningful inferences concerning the operation of some real-world system by constructing a model of the system and then experimenting with the model. If the model is an adequate representation of the real system, a study of the responses of the model to various decisions will give considerable insight into the effects of implementing such decisions in the real system.
Simulation is used where analytical methods are not available or would be very complicated. E.g. in inventory control problems, production planning problems, corporate planning, and queuing problems etc.
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I WANT TO KNOW THE RULES FOR DOING LIFO AND FIFO
Project C would involve a current outlay of $50,000 on equipment and $15,000 on working capital. The investment in working capital would be increased to $21,000 at the end of the f
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2. Draw the network diagram for the following problem and indicate a sequence of plans that the company should want to consider in making a time-cost tradeoff. The company is not
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