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Types of Simulation
1) Operational Gaining Method:
This refers to those situations involving conflict of interest among players or decision makers within the framework of a simulated environment. The two most widely used forms of operational gaming are military games and business management games (mostly computer oriented)
2) Monte Carlo Method:
In Monte Carlo simulation the behavior of at least some components of the model are probabilistically determined. It can be used to solve several different classes of problems. The first are problems that involve some kind of stochastic process while the second are deterministic methods.
To carry out a realistic simulation involving probabilistic elements, it is necessary to avoid bias in the selection of the values which vary. This is done by selecting randomly using one of the following methods.
• Random nos. generated by computers• Random no. tables• Variables in a Simulation Model
A business model usually consists of linked series of equations and formulae arranged so that they behave in a similar manner to the real system being investigated.
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Attributes of good information 1) Information is anything that is communicated and is sometimes said to be processed data. It is data processed in such a way as to be of meaning
SENSITIVITY ANALYSIS OF EOQ MODEL Sensitivity Analysis is regarded with the manner in which those results of solutions change in response to change in model parameters.
Standard error of estimate (Se) The coefficient of determination r 2 gives us an indication of the reliability of the estimate of total cost based on the regression equation b
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Marginal cost or incremental cost pricing method: Here the company may work on the premise of recovering its marginal cost and getting a contribution towards its overheads. Thi
INCOME STATEMENTS
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Give the following cost data Costs /per unit labor … $ 4 Materials …5 Fixed cost … $ 12000 Determine the break even point in units if the selling price is $ 19.00 Determine th
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