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Cyclic Chains:
In Markov Chains the current state of the system depends on all previous states. It is a stochastic process. Sometimes transition probability matrices are different from State I to State II, State II to State III etc and from cyclic chains which repeat in the same order.Recurrent State:
A state is recurrent if it is certain to take place again, given that it has happened at least once, otherwise it is said to be transient. In other words, a transient state will take place only a limited number of times and then go away forever whereas the recurrent state is permanent. If a process is finite (i.e. has a finite number of states) and is irreducible, then all states are recurrent. This is the most common form of Markov Chain in applications.
Explain Functional classification a) Liquidity ratio: these are the ratio which measures the short term solvency or financial position of a firm. These ratios are calculati
A company manufactures a one product. Estimated cost data regarding this product and other information for the product and the company are as follows: Sales price per unit Rs.2000
What is performance budgeting The concept of performance budgeting is used mainly in the government and public sector undertakings. It projects the government activities an
What is kaizen Kaizen is the Japanese term for continuous improvement. The kaizen concept was pioneered by in Japan by Toyota as daily challenge to all its to improve their pro
ALGEBRAIC ANALYSIS The supposition of linear cost behavior allows use of straight-line graphs and simple linear algebra in cost-volume study. The net cost is a semi-variable c
So as to makes sure that the receivables are collected in occupied and on due date by the customers, prior information of their credit worthiness must be obtainable. This informati
WHAT IS PRIME COST?
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Disadvantages of zero base budgeting 1) It is not suitable for all the activities in an organization 2) It has limited application in a profit making organization. In this c
Period of operating cycle implies that total sum of number of days included in the various stages of operation commencing from the purchase of raw materials and ending along with c
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