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Decisions under Certainty 46
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AC(N actual alternative amount analysis annual cost aspiration level asset assume assumption average basis Blue cent Chapter compute consider deci decision maker decision problems decision under risk demand depreciation dollar economic equipment equivalent annual cost estimate evaluated example expectation principle expected cost firm firm's frequency probabilities funds given Hurwicz indifference curves inspection interest rate inventory level investment involved judgment maintenance costs marginal cost matrix maximize expectation maximum mean ment method minimax minimize mixed strategy normal distribution number of machines obtain operating costs optimal ordinal scale outcomes period plant player possible futures prediction present worth principle of choice prob probability distribution production profit purchase pure strategies random variable replacement policy result salvage value sample simply sion standard deviation suggest Suppose TC(N tion tive total cost turret lathe variance zero