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Scenario planning differs from contingency planning, sensitivity analysis and computer simulations. [33] Contingency planning is a "What if" tool, that only takes into account one uncertainty. However, scenario planning considers combinations of uncertainties in each scenario.
In financial accounting, a balance sheet (also known as statement of financial position or statement of financial condition) is a summary of the financial balances of an individual or organization, whether it be a sole proprietorship, a business partnership, a corporation, private limited company or other organization such as government or not-for-profit entity.
Different countries have developed their own accounting principles over time, making international comparisons of companies difficult. To ensure uniformity and comparability between financial statements prepared by different companies, a set of guidelines and rules are used.
Example of a spreadsheet holding data about a group of audio tracks. A spreadsheet is a computer application for computation, organization, analysis and storage of data in tabular form. [1] [2] [3] Spreadsheets were developed as computerized analogs of paper accounting worksheets. [4] The program operates on data entered in cells of a table.
The definition of a worst-case scenario varies by the field to which it is being applied. For example, in environmental engineering", "[a] worst-case scenario is defined as the release of the largest quantity of a regulated substance from a single vessel or process line failure that results in the greatest distance to an endpoint". [5]
A time horizon, also known as a planning horizon, is a fixed point of time in the future at which point certain processes will be evaluated or assumed to end. It is necessary in an accounting , finance or risk management regime to assign such a fixed horizon time so that alternatives can be evaluated for performance over the same period of time.
Pacioli is regarded as the Father of Accounting. Bookkeeping is the recording of financial transactions, and is part of the process of accounting in business and other organizations. [1] It involves preparing source documents for all transactions, operations, and other events of a business.
The scenario approach or scenario optimization approach is a technique for obtaining solutions to robust optimization and chance-constrained optimization problems based on a sample of the constraints. It also relates to inductive reasoning in modeling and decision-making.