"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."
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Academics from the United StatesPeople from PhiladelphiaBusiness theorists from the United StatesSystems scientists
Original Language: English
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https://en.wikiquote.org/wiki/Russell_L._Ackoff
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Russell L. Ackoff
Russell L. Ackoff (12 February 1919 – 29 October 2009) was an American organizational theorist, professor and pioneer in the field of operations research, systems thinking and management science.
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