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Types of Non-Controlled Variablesa) Parameters:
These are input variables that for a given simulation have a constant value. They are factors which help specify the relationship between other variables e.g. in pdn simulation the time taken for routine maintenance, the cost of stock-out, etc.
b) Status Variables:Status variables may be used to specify the days and seasons to be used in a simulation e.g. demand may be affected by the day of the week
c) Output Variables:These are the outcomes of the simulation. They occur from the computations and tests executed in the model. The output variables should be carefully selected to reflect the factors that are critical to the real system being simulated and they should associate to the objectives of the real system. E.g. the output variables for an inventory simulation would include: Cost of holding stock, number of stock-outs, number of unsatisfied orders, number of replenishment orders, and cost of the re-ordering etc.
Difference between Direct labour and Indirect labour Direct labour:- Labour which plays an active and direct part in the production of a particular commodity is called di
identify and explain the many classification of costs for planning, control,performance evaluation and decision making.
What does it mean when we say consistency is the central feature of economic rationality?
After determining the amount of working capital as in above, a specific amount say 5 percent or 10 percent may be added to cover contingencies. This is to be noted that facts depen
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Which of the following costs is an example of a cost that remains the same in total as the number of units produced changes?
implications of applying accounting concepts wrongly
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It is the most practical way of estimating working capital needs. In such method, the finance manager gets ready a working capital forecast. While preparing such forecast, firstly
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