Statistical Selection of Business Strategies

a₁ action dividing line admissible boundary appropriate batch Bayes strategy Bayes theorem best strategy binomial binomial distribution bution cell cloverleaf column Computation of Expected conditional expected results considered Contri decision theory defective dollars dominate elementary statistics enemy action equal Equation estimate expected value frequency of response graph indicator jammed joint probabilities lb./ton linear loss mathematical mean megaunits method minimax strategy multiplied nature normal distribution Normal Sampling North American Steel observation obtain optimum oranges P(AL P(as percent perfect information plotted possible values post priori probabilities posteriori PRIOR DISTRIBUTION probability density function probability distribution produce profit proportion R(ak R(aL range response table results curves sample average sample outcome sampling distribution shown in Figure situation specific distribution standard deviation subassembly TABLE 1-Continued test cost test drillings tion units tested utility curve Z scale Z₁ Zi Z2 Z3