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THE NATURE OF INFORMATION AND INFORMATION Svsrsms
CRITERIA FOR INFORMATION EVALUATION
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action selection additional information affect American Accounting Association analysis Appendix assumed Backorder Cost calculation carmot cash flows consider convex Cosr cost events decision interval decision maker decision theory defined Demski denoted depends determined discussion error event elements events which occur example expected cost expected value Feltham firm’s Furthermore future events goals Hadley and Whitin impact information evaluation model information evaluator’s information system 11 inventory decision model inventory level linear function Marschak maximum expected payoff measurement number of units observed occurred prior operating Operations Research opportunity cost optimal action optimal decision rule order-up-to point parameters particular partition payoff function perpetual inventory physical count possible signals prediction presented prior events prior probability distributions prior to period problem production received prior recorded inventory recurrence relation relationship relevant reporting delay reporting interval set of possible signals received simplifications single-period model situation specify storage cost uncertainty variability