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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.
Acceptance and Allocation of Resources Managers, subsequent a review and analysis of all decision packages, will establish the level of resources to be assigned to each decisi
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Explain the Methods of pricing The following methods are used for intra company transfer pricing: 1) Total cost method: transfer is made at absorption cost which is the t
#questioExercise 3-12 Computing Predetermined Overhead Rates and Job Costs [LO1, LO2, LO3, LO7] Kody Corporation uses a job-order costing system with a plantwide overhead rate base
2x2+8x-m3 = 0
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It is a spontaneous source of finance that is commonly extended to business organization depending on the custom of the competition and trade prevailing within the organization and
RELEVANT COSTS FOR NON-ROUTINE DECISIONS A relevant cost is a cost that is appropriate to a specific management decision. To be relevant, a cost should be: 1) Future cost
Accounting Cycle is the name given to the combined process of recording and processing the accounting proceedings of a company. The series of steps start when a transaction takes p
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