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These funds will be used for such things as; training, market testing of new products, attending conferences, seminars and trade shows, purchases of resource material, market research, hiring additional casual laborers, and product testing.The remaining topics to be addressed under this section include: In total, J&B is investing a total of 6,299 in Research and Development over its three year forecasted period.
Business Simulator: A business simulator is a computer program used to improve an individual's business skills in areas of cash management, ordering materials, production, quality control, wages disbursement, financial statements, setting prices, setting promotional campaigns, and so on.
Business simulators allow individuals to form their own fictitious company and compete with other fictitious companies for industry sales and market share.
The following items comprise J&B's research and development budget: As shown above, the majority of the R&D budget comprises salaries.
The reason being - talent of human resources are used more in the technology industry rather than capital assets.
J&B is currently researching the feasibility of developing a software package that contains hundreds of sample business plans.
At this point, we have assess to over 400 sample plans, spanning all major industries.A new market, however, might include Internet users.Here participants could pay a nominal fee to compete with others for monthly prizes (office supplies, office equipment and cash).Moreover, when a need for a new software product has been established, the Company's R&D staff members will create it on their computers.An additional R&D budget of ,000, ,000, and ,000 for year one, two and three respectively has been established.Forecasting Financial Statements Software Many people find forecasting financial statements a tedious and difficult task.Although, the Company's initial product provides users with detailed training on how to construct forecasted financial statements, it does not, however, alleviate the excessive time required in developing such statements.Participants of the simulation would be given complete details of the industry, the product being sold, simulation parameters and all restrictions placed on the industry as a whole.Each week, for example, participants would fill out "Decision Sheets" which essentially outlines their company's strategies in terms of inventory control, quality control, hiring and firing, maintenance, advertising, etc.PART 4 - RESEARCH & DEVELOPMENT In any industry, research and development plays a vital role in a company's future existence.This realization is even more important in industries engaging in technology products.