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Model Construction
The success of a simulation exercise is related to the predictive quality of the underlying model, so that considerable care should be taken with model construction. Significant factors in model development are:
Object oriented: The model must be constructed with some definite reason and the model results should be directly associated to this purpose.
Critical variables and relationships: Model building is an iterative, creative procedure with the aim of recognizing those variables and relationships that should be included in the model.
Simplicity: The most excellent model is the simplest which has sufficient predictive qualities.
Management involvement: To construct good models these must be a thorough understanding of actual operations. Only management here these knowledge so that they must be involved.
Benefit of product life cycle costing The benefits of product life cycle costing are summarized as follows: 1) The product life cycle costing results in earlier actions to g
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Cascade Water Company (CWC) currently has 30 000 shares of common stock outstanding, trading at a price of R42 per share.
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Cost driver analysis Cost drivers are factors, which determine the costs of an activity i.e. a change in the cost driver will cause a change in the level of total cost relate
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Western States Supply, Inc. (WSS), consists of three divisions—California, Northwest, and Southwest—that operate as if they were independent companies. Each division has its own sa
M/s ABC is seeing relaxing its collection efforts. At current its sales are as Rs.40 lakhs, the ACP is here 20 days and variable cost to sales ratio is .8 and bad debts are as .05
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