In this article we will discuss about:- 1. Definition of Management Control 2. Features of Management Control 3. Management Control System. Definition of Management Control: The management function of implementation of strategies is termed as 'Management Control'. It is defined as "the process by which managers influence the members of the organisation to implement the organisation strategies". Features of Management [...]
Various quantitative techniques for decision making are:- 1. Mathematical Programming 2. Cost Analysis (Break-Even Analysis) 3. Cost-Benefit Analysis 4. Linear Programming 5. Capital Budgeting 6. Inventory Management 7. Expected Value 8. Decision Tree 9. Simulation 10. Queuing or Waiting Line Theory 11. Game Theory 12. Information Theory 13. Preference Theory/Utility Theory and Few Others. Technique # 1. Mathematical Programming: Besides [...]
After reading this article you will learn about:- 1. Meaning of Markov Analysis 2. Example on Markov Analysis 3. Applications. Meaning of Markov Analysis: Markov analysis is a method of analyzing the current behaviour of some variable in an effort to predict the future behaviour of the same variable. This procedure was developed by the Russian mathematician, Andrei A. Markov [...]