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Transient Analysis
A state is said to be transient if it is impossible to move to that state from any other state except itself. This state is temporary and eventually a steady state is reached. This analysis can be performed using usual probability transition matrices.Absorbing State
A state is said to be an absorbing (or Trapping state) state if it is impossible to leave the state. This will occur if any Pn is equal to 1.0Example:
Since p11 = 1.0, state A is an absorbing state. This state represents the conditions, under which the modeled process can terminate. All other states of the model are transient states.
Markov Chains: Markov Chains are named after the Russian statistician A.A Markov who developed probabilistic models that are often applicable to decision making problems in bu
explain briefly variable cost, fixed cost and semi- variable in the production cost of a productor service, giving example for each
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RELEVANT COSTS FOR NON-ROUTINE DECISIONS A relevant cost is a cost that is appropriate to a specific management decision. To be relevant, a cost should be: 1) Future cost
directing[ budgeting
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Give the following cost data Costs /per unit labor … $ 4 Materials …5 Fixed cost … $ 12000 Determine the break even point in units if the selling price is $ 19.00 Determine th
QUEUING THEORY When limited facilities fail/delays to satisfy demands made upon them, problems occur which generate queues or waiting lines. Illustrations are: • Customers
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