A great deal of study has been directed to denning 'best decisions,' particularly since the pioneering work of mathematical statisticians (such as Wald), of mathematicians (such as von Neumann), of economists (such as Arrow)... The main effect of this development on the practice of OR has been the growing realization that there are decision objectives other than maximizing expected return and minimizing maximum loss. That is, in many practical situations there are criteria of optimality that are more appropriate than these two mentioned.
Russell L. AckoffRelated topics
arrow best criterion deal den development great growing loss maximum pioneering practice realization return study work NeumannRelated quotes
All the real money in investment will have to be made-as most of it has been in the past- not out of buying and selling but out of owning and holding securities, receiving interests and dividends therein, and benefiting from their long-term increases in value. Hence stockholder's major energies and wisdom as investors should be directed toward assuring themselves of the best operating results from their corporations. This in turn means assuring themselves of fully honest and competent managements.
Benjamin Graham
An ad that pretends to be art is - at absolute best - like somebody who smiles warmly at you only because he wants something from you. This is dishonest, but what's sinister is the cumulative effect that such dishonesty has on us: since it offers a perfect facsimile or simulacrum of goodwill without goodwill's real spirit, it messes with our heads and eventually starts upping our defenses even in cases of genuine smiles and real art and true goodwill. It makes us feel confused and lonely and impotent and angry and scared. It causes despair.
David Foster Wallace
Dialectical logic undoes the abstractions of formal logic and of transcendental philosophy, but it also denies the concreteness of immediate experience. To the extent to which this experience comes to rest with the things as they appear and happen to be, it is a limited and even false experience. It attains its truth if it has freed itself from the deceptive objectivity which conceals the factors behind the facts - that is, if it understands its world as a historical universe, in which the established facts are the work of the historical practice of man.
Herbert Marcuse
Fir: it contains a great deal of air and fire with very little moisture and the earthy, so that, as its natural properties are of the lighter class, it is not heavy. Hence, its consistence being naturally stiff, it does not easily bend under the load, and keeps its straightness when used in the framework. But it contains so much heat that it generates and encourages decay, which spoils it; and it also kindles fire quickly because of the air in its body, which is so open that it takes in fire and so gives out a great flame.
Vitruvius
Do not do anything without signing yourself with the sign of the Cross! When you depart on a journey, when you begin your work, when you go to study, when you are alone, and when you are with other people, seal yourself with the Holy Cross on your forehead, your body, your chest, your heart, your lips, your eyes, your ears. All of you should be sealed with the sign of Christ's victory over hell. Then you will no longer be afraid of charms, evil spirits, or sorcery, because these are dissolved by the power of the Cross like wax before fire and like dust before the wind.
Cleopa Ilie