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THE BASIC EOQ MODEL
This is the most simple of all the models discussed. In addition to the general assumptions which relate to all deterministic models (i.e. certainty of all parameters) it is further assumed that:
a. Demand is continuous and constant over time.b. That suppliers lead time is zero i.e. stocks are delivered immediately on the day the order is made.c. That stock-outs are not permitted.d. There are no massiveness quantity discounts.e. Holding costs per unit, ordering costs per order and costs per unit are constant. Relevant costs of basic EOQ model:
The related costs that must be considered when determining optimum inventory levels can be classified into two categories:
(i) Ordering costs.(ii) Holding (Carrying) Costs.
That is, TC = Ordering Costs + Holding Costs
JIT and Management Accounting Management accountants in many organizations have been criticized because of their failure to change their managing accounting system to reflect
Case Study Labor standards Geeta & Company has experienced increased production costs. The primary area of concern identified by management is direct labor. The compa
Correlation coefficient (r) Correlation coefficient measures the degree of association between two variables such as the cost and the activity level. r = nΣxy - Σx Σy
Explain Programmer budgeting According to burkhead According to burkhead a program budget serves a different purpose than performance budget. A performance budget is useful fo
Importance of a budget A Budget is a plan expressed in monetary terms. It is prepared prior to the budget period and may show income, expenses and the capital to be used i.e. a
BUDGETARY CONTROLS Control in a business is the process of guiding organization into viable patterns of activity in an environment. The main purpose of a control system is to m
Disadvantages of Simulation 1) Although all models are simplification of reality, they may still be complex and require a substantial amount of managerial and technical time.
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
Disadvantages of the cost accounting: 1. It is unnecessary: it is argued that maintenance of the cost records is not necessary and involves duplication of work. It is based o
Break even point or B.E.P. pricing method : Break even point is the volume of sales at which the total sale revenue of the product is equal to its total cost. In other words, it
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