Economic and Mathematic Modeling of Labour Efficiency

Simonova, Marina V.; Galiullin, Haidar I.

doi:10.5901/mjss.2015.v6n6s3p527

Cited by 2 publications

(1 citation statement)

References 4 publications

(4 reference statements)

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“…The most crucial concept in economic and mathematical modelling, as in any modelling, is the concept of model adequacy, i.e., the correspondence of the model to the modelled object or process [10][11]. The adequacy of the model is to some extent a conditional concept since there can be no full correspondence of the model to a real object, which is also characteristic of economic and mathematical modelling.…”

Section: Fig 1 the Essence Of The Process Of Mathematical Modellingmentioning

confidence: 99%

Mathematical Modelling Justification of Financial and Economic Parameters of Enterprises

Kafka¹,

Bagatska²,

Sapinski³

et al. 2019

IJEAT

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Prediction of the effective development of the enterprise implies the need for mathematical modelling of the leading financial and economic indicators of its life. High variability of approaches to the assessment and selection of indicators determines the existence of various approaches to their modelling.The complexity and complexity of the structure of economic activity of the enterprise, suggests the possibility of splitting the general situation into more specific cases, which allows you to apply a logical procedure to them, which is a simulation.The use of mathematical modelling allows you to speed up the economic analysis, contribute to a complete account of the influence of factors on the results of operations, increase the accuracy of calculations. It allows you to get a clear idea of the investigated object, to identify relationships, analyze features and give an accurate forecast of the development and changes in the basic financial and economic parameters of the enterprise.

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Section: Fig 1 the Essence Of The Process Of Mathematical Modellingmentioning

confidence: 99%

Mathematical Modelling Justification of Financial and Economic Parameters of Enterprises

Kafka¹,

Bagatska²,

Sapinski³

et al. 2019

IJEAT

View full text Add to dashboard Cite

show abstract

On Economic Impact of Industry 4.0: Time-Driven Activity-Based Costing System

Fatima,

Ali

2023

SAE Technical Paper Series

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<div class="section abstract"><div class="htmlview paragraph">As the world is moving toward optimized production strategies, third-world countries are also putting their efforts into contributing to this smart manufacturing approach. However, despite realizing the impact of its global significance and reduction in financial overheads, most of the third-world potential industries are hesitant to this transformation. The predominant reasons are huge capital investments and the cost of handling technology. In this study, a cost calculation methodology is recognized that analyze the cost benefits of technological investment. The case shows that the adaptation of Industry 4.0 is more economical than the traditional manufacturing approach. In an existing setup, a traditional TDABC is being applied, where cost id resources such as labor and material are included in a product cost at the end. This approach losses the visibility of associated labor and material cost used for the particular activity giving an offset in a product cost. Therefore, it is highly necessary to improve this traditional methodology by measuring and analyzing activities for every resource consumed. The methodology used in this study is advantageous, easy to implement, and maps the strategy that can be commonly utilized for any manufacturing activity to gain a competitive advantage in an entire value chain of Industry 4.0. In this study, a modified real-time application costing tool, time-driven activity-based costing (TDABC), is proposed. A comparative analysis of existing and proposed TDABC is performed. The outcomes of this study signify the adaptation of digital manufacturing for higher productivity, a reduced amount of operational budget, and efficient utilization of resources.</div></div>

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Economic and Mathematic Modeling of Labour Efficiency

Cited by 2 publications

References 4 publications

Mathematical Modelling Justification of Financial and Economic Parameters of Enterprises

Mathematical Modelling Justification of Financial and Economic Parameters of Enterprises

On Economic Impact of Industry 4.0: Time-Driven Activity-Based Costing System

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