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  What is Linear programming (LP) method ? Linear programming refers to a technique for choosing the best alternative from a set of feasible alternatives whereby the objective function and constraints are expressed as linear mathematical functions. Requirements of Linear programming Problems.   i) There should be a clearly identifiable objective which is measured quantitatively.   ii)  The activities to be included should be distinctly identifiable and measurable in quantitative terms. iii)  The resources of the system should be identifiable and measurable quantitatively and also in limited   supply.   iv) The relationships representing objective function and the constraints equations or inequalities must be linear in nature.   v) There should be a series of feasible alternative courses of action available to the decision maker, which are determined by the resource constraints.    What are Business applications of li...

  What is the meaning of an asset? According to accounting standards an asset is something that a company owns That can provide future economic benefits eg cash, inventory, buildings, equipment etc. What is the meaning of liabilities? These are company’s obligations that may be either money that must be paid or services that must be performed. A successful company must have more assets than its liabilities ie. It thus has the resources to fulfill its obligations. Types of assets Assets are classified according to; 1.        Their convertibility to cash These include a) current assets                           b) Fixed assets   2.        On basis of their physical existence These include a) Tangible assets             ...

WHAT IS PAY BACK PERIOD? Payback period is also known as payoff or pay-out method. Pay back period is the time required to pay back the initial investment from earnings. Pay back period is stateted in years and should not be stated in years and months. Pay back period method evaluates how long it will take to pay backor recover the initial investements. HOW IS PAY BACK PERIOD CALCULATED NOW, there exists two types of investment, there is : 1.  An investment that returns  the same amount of cash inflows every year. This type of investment rarely exist in real business environment, however, in such a scenario, Pay back period is calculated as under; PAY-BACK PERIOD =            initial  cost  of investment                                                           ...

GROWTH IS A JOURNEY Life is made up of different aspect that every human being must embrace in order to live a wholistic meaningful . It is very important to live a well balance life, concentrating on one aspect of life is very dangerous, say you endeavor in financial aspect alone and neglect your health, at the end of it you will achieve financial freedom with poor health. For us to fully enjoy life, we must embrace all aspects of life in a balanced formula.  The the process of embracing life holistically is what we refer to as personal growth. What is Personal Growth? Personal growth is the ongoing process of improving yourself mentally, emotionally, and physically to reach your full potential. It involves self-awareness, skill development, and adopting positive habits. It entails bettering yourself by stepping out of your comfort zone and  focusing on becoming a better version of yourself. Sometimes we live life blaming our past on our todays  circumstances, this may ...

PRELIMINARIES This post is designed to help students in their higher learning units that include correlation as topic. The concept of correlation is tested in all examinations national and international. This post is prepared by a professional Educator and can be used as lecture notes. What is Correlation? Correlation is the degree of relationship between to variables say X and Y or Independent and Dependent Variables. Whenever there is some definite connection existing between two or more groups, classes or series, there is said to be correlation. Why is it important to study correlation? 1.       Correlation shows the degree of relationship between variables such as demand and supply, income and expenditure etc 2.       The knowledge of correlation helps to locate critically important variables on which others depend. 3.       Progressive development of methods of science and philosophy has been...

WHAT IS THE CO-EFFICIENT OF DETERMINATION? Coefficient of determination is also called R-SQUARED (r²). it is used to explain the relationship between independent variable and dependent variables. Business investors use coefficient of determination to conduct trend analysis.  Coefficient of determination is a further statistical treatment of Regression analysis. In regression analysis there are three types of variation namely; total variation explained variation unexplained variation the purpose of regression analysis is to try to allocate as much of the total variation in Y in the variation of X variable. This variation should there be as high as possible. NOW THEREFORE, co-efficient of variation expresses the proportion of varience in Y  determined in X. We can now define coefficient of determination as the ratio of explained variation to the total variation . It is used to measure the strength of the linear relationship.The stronger the linear relation the high the value of ...