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Product life cycle
Every product has a life cycle. The life cycle of a product vary from months to various years. For example in the case of cameras photocopying machines etc. the life is more than 100 years. Whereas in the case of black and white, T.V/C.R. it was for few years only. Product life cycle is therefore a pattern of expenditure sale level revenue and profit over the period from latest idea generation to the deletion of product from product range.
Important steps of budgetary control There are certain steps which are essential for the successful implementation of a budgetary control system. They are as follows: 1) Or
Risk : Risk includes circumstances or events that may or may not take place though whose probability of occurrence can be predicted from the past records. In this atmosphere, t
Variables Unrestricted variable Yi can be expressed in terms of two non-negative variables by using the substitution: Yi = Yi' - Yi'', Yi', Yi'' ≥ 0 The substitution
DOMINANCE Dominance strategy is useful for reducing the size of the payoff table. Rules of Dominance: 1) If all the elements in a column are greater than or equal to the
full explaination with diagram
Selective Inventory Management The inventory of an industrial firm generally comprises thousands of items with diverse prices, usage and lead time, as well as procurement and/o
Just-in Time (JIT) Inventory management JIT is a system whose purpose is to generate or to purchase products or components as they are required by customers or for use rather
Standard conventions in Game Theory Consider the following table as shown below: X plays row I, Y plays Column I, X wins 3 points X plays row I, Y plays Column II, X los
the suitability of incremental budgeting to a stable and static environment
State Direct material cost standard The determination of direct material cost standard would involve: a) Determination of quantity standards and b) Determination of pric
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