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Markov AnalysisIt is a way of analyzing the current movement of some system in an effort to predict the future movement of the same system.There are two elements that must be determined in the process of constructing a Markov model in the system. These elements are the possible states of the system and the probabilities of moving between states (also called transition probabilities). A system state is a status of the system at a particular point in time, such as whether or not a machine is operating, whether an account is paid or not paid etc.Transition probabilities:Represent the probability of the system moving from one state to another during a particular period. We can organize the transition probabilities in the form of a table or matrix.
Cash budget is a detailed budget of income and cash expenditure including both capital and revenue items. For control reasons the year's budget is usually phased in smaller periods
Types of Non-Controlled Variables a) Parameters: These are input variables that for a given simulation have a constant value. They are factors which help specify the relat
what is nile's strategy for success in the marketplace ?
Human behavior and budgetary control An important feature of control in business is that control is exercised by managers over people. Their attitudes and response to budgetary
Significance points of Variance The following significant points must be kept in mind: Controllability: Controllability should also influence the decision whether t
Definition of Linear Programming What is Linear Programming
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
Explain standard costing according to backer and Jacobsen According to backer and Jacobsen, standard cost is the amount the firm to measure the variation from standard costs th
Going rate or follow the crowd pricing:- In this method the firm price its products at the similar level as that of the competition. This method supposes that there will be no
VALUE CHAIN ANALYSIS Every firm is a collection of activities that are executed to design, generate, market, deliver and support its products or services. Value chain analysis
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