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Sir what is open and closed statements? I found this in the question practise of Pm chapter 21. I don’t know if I missed it from the lecture. I have no idea what it is and answered it wrongly. I couldn’t find notes for this also.
I think you mean open and closed systems (not open and closed statements).
Although I would not worry too much about them for the exam, closed systems are ones that do not change whereas open systems are flexible and can be changed as circumstances change.
As simple examples, the bookkeeping system is a closed system – the double entry stays the same rules all the time. On the other hand the performance measurement system will be an open system – over time the company might change the things they measure as circumstances change and different measures become more or less important to the company.
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