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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.
Assumption of break even analysis The break even analysis is based upon the following assumptions : 1) All elements of cost, i.e., production , administration and selling di
Cash discount is given to buyers to bring them to make prompt payment. The credit terms identify the percentage discount and the period throughout which it is obtainable. Liberal c
M/s ABC's present credit terms are 1/10 net 30 that they are planning to change to 2/10 net 30. The current average collection period is 20 days and the variable cost to sales rat
Activity Based Management (ABM) Also referred to as activity based cost management (ABCM). This is used to describe the cost management application of ABC. To implement A
Service time-probability distribution curve A common example is that service times follow an exponential probability distribution i.e. y=e -x Service channels - t
Adjacent extreme points differ in only one variable The first observation indicates that we can identify the extreme points of the solution space algebraically by setting zero as
solution.
Problem From the following balance sheets of Dramas Ltd., compute the trend percentages using 31st December 2005 as the base year. Assets & Liabilities
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
select any manufacturing company of your choice that produces any product. describe and compare the marginal and absorption costing system used in the selected company
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