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Transient Analysis
A state is said to be transient if it is impossible to move to that state from any other state except itself. This state is temporary and eventually a steady state is reached. This analysis can be performed using usual probability transition matrices.Absorbing State
A state is said to be an absorbing (or Trapping state) state if it is impossible to leave the state. This will occur if any Pn is equal to 1.0Example:
Since p11 = 1.0, state A is an absorbing state. This state represents the conditions, under which the modeled process can terminate. All other states of the model are transient states.
Stock-out costs These are the opportunity costs of running out of stock. They comprise: 1) The costs of lost customer sales, and therefore lost contribution to fixed costs.
What is Direct material cost variance It can be defined as the difference between the standard costs of direct material specified and the actual cost of direct material used.
what is the role of accounting standard board?
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
Credit Limit A credit restriction is the maximum amount of credit that the firm will extend at a point of time. This indicates the extent of risk taken through the firm through
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Pricing is a problem in four general types of situations: 1) When the firm develops or introduces a new product and it is fix the price of the product for the first time. 2)
Discretionary fixed costs and Semi variable costs Discretionary fixed costs are those which are incurred as a result of management discretion. These costs have two importan
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).
Bank guarantee is one of the facilities which the commercial banks extend in support of their clients in favour of third parties who will be the beneficiaries of the guarantees. In
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