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BUDGETARY CONTROL Budgetary control is the process by which budgets are prepared for the future period and are compared with the actual performance for finding out variances, if any. The comparison of budgeted figures with actual figures will help the management to find out variances and take corrective actions without any delay. ACCORDING TO INSTITUTE OF…
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BUDGET IN ACCOUNTING Budget means a quantitative statement, prepared before a particular period to serve as an estimate of future receipts and disbursements. ACCORDING TO CHARTERED INSTITUTE OF MANAGEMENT ACCOUNTANTS, LONDON “Budget is a plan quantified in monetary terms prepared and approved prior to a defined period of time, usually showing planned income to be…
MODELS OF OPERATIONS RESEARCH Most operations research studies involve the construction of a mathematical model. The models of Operations research is a collection of logical and mathematical relationships that represents aspects of the situation under study. Models describe important relationships between variables; include an objective function with which alternative solutions are evaluated, and constraints that…
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CONSUMER EQUILIBRIUM USING INDIFFERENCE CURVE ANALYSIS Consumer equilibrium using indifference curve analysis is an Ordinal Approach to Consumer Equilibrium. An indifference curve is a locus of all combinations of two goods which yield the same level of satisfaction (utility) to the consumers. Since any combination of the two goods on an indifference curve gives equal…
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LINEAR PROGRAMMING APPLICATIONS Linear programming is a powerful quantitative technique (or operational research technique) designs to solve allocation problem. The term ‘linear programming’ consists of the two words ‘Linear’ and ‘Programming’. The word ‘Linear’ is used to describe the relationship between decision variables, which are directly proportional. For example, if doubling (or tripling) the production…
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WHAT IS LINEAR PROGRAMMING Linear programming is a powerful quantitative technique (or operational research technique) designs to solve allocation problem. The term ‘linear programming’ consists of the two words ‘Linear’ and ‘Programming’. The word ‘Linear’ is used to describe the relationship between decision variables, which are directly proportional. For example, if doubling (or tripling) the…
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Linear programming problem
LINEAR PROGRAMMING Linear programming is a powerful quantitative technique (or operational research technique) designs to solve allocation problem. The term ‘linear programming’ consists of the two words ‘Linear’ and ‘Programming’. The word ‘Linear’ is used to describe the relationship between decision variables, which are directly proportional. For example, if doubling (or tripling) the production of…
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INDIFFERENCE CURVE ANALYSIS The concept of Indifference Curve Analysis was first propounded by British economist Francis Ysidro Edgeworth and was put into use by Italian economist Vilfredo Pareto during the early 20th century. However, it was brought into extensive use by economists J.R. Hicks and R.G.D Allen. Hicks and Allen criticized Marshallian cardinal approach of utility…
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In this post you will learn about the concept of consumer equilibrium concept and equilibrium in case of one commodity and two commodities. CONSUMER EQUILIBRIUM A consumer is said to be in equilibrium when he is buying such a combination of goods as leaves him with no tendency to rearrange his purchases of goods. Consumer…
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