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introduction to performance evaluationperformance evaluation deals with the area of ma that is concerned with1 holding individual managers
cyclic chainsin markov chains the current state of the system depends on all previous states it is a stochastic process sometimes transition
applications of markov chainsthey are a particular class of probabilistic models and their applications include analysis ofinventory
markov analysisit is a way of analyzing the current movement of some system in an effort to predict the future movement of the same systemthere are
markov chainsmarkov chains are named after the russian statistician aa markov who developed probabilistic models that are often applicable to
advantages and limitations of game theoryadvantagegame theory helps us to learn how to approach and understand a conflict situation and to improve
theory of metagamesthis theory appears to describe how most people play non-zero sum games involving any number of personsprisoners dilemma is an
non-zero sum gameswithin very vast situations of possible non-zero games varying degrees of co-operation exist between the participants games theory
dominancedominance strategy is useful for reducing the size of the payoff tablerules of dominance1 if all the elements in a column are greater than
saddle pointthe saddle point in a payoff matrix is one which is the smallest value in its row and the largest value in its column it is also termed
rules of game theory1 the number of competitors is finite2 there is a conflict of interests between the participants3 each of these participants has
types of gamesfour basic ways in which competitive situations or games can be classified area number of competitorsin game theory a competitor is
game theorygame theory was developed for the purpose of analyzing competitive situation involving conflicting interests in game theory there are
the incredible game theoristmr nashs work needed refining first it applies to games played only once or in which players move simultaneously but
the games economists playit sounds like a sports fans dream in stockholm on october 11th three men share a 1m prize for their skill at analyzing
standard costing systemhowever it has been argued that traditional variance analysis is unhelpful and potentially misleading in the modern
standard costing in modern environmentstandard costing has traditionally been associated with labor-intensive operations but it can be applied to
parameter prediction errorthis is another aspect of faulty planning as hongren says lsquoplanning decisions are based on predictions of future costs
inappropriate standards or targetsthis is a problem arising from deficiencies in planning if not enough time and resources are devoted to setting
significance points of variancethe following significant points must be kept in mindcontrollability controllability should also influence the
interpratation of variancecontrollability materiality and trend are the interpretation of variance the point of comparing flexed budget and real
a decrease in owner3939s equity may result from an a purchase of office supplies for cash b withdrawal of cash from the business by
the following figures are taking from the book of sheen compnay limited as on december 312009 debit side opening stock rs
variances analysis variances are the differences between actual results and expected results expected results are the standard costs and standard
the advantages and disadvantages of standard costingthe benefits for controlling having a standard costing system in operation can be summed up as