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In business and for engineering economics in both industrial engineering and civil engineering practice, the minimum acceptable rate of return, often abbreviated MARR, or hurdle rate is the minimum rate of return on a project a manager or company is willing to accept before starting a project, given its risk and the opportunity cost of forgoing other projects. [1]
Murphy's law [a] is an adage or epigram that is typically stated as: "Anything that can go wrong will go wrong.".. Though similar statements and concepts have been made over the course of history, the law itself was coined by, and named after, American aerospace engineer Edward A. Murphy Jr.; its exact origins are debated, but it is generally agreed it originated from Murphy and his team ...
Also called resource cost advantage. The ability of a party (whether an individual, firm, or country) to produce a greater quantity of a good, product, or service than competitors using the same amount of resources. absorption The total demand for all final marketed goods and services by all economic agents resident in an economy, regardless of the origin of the goods and services themselves ...
In user interface design and software design, [1] the principle of least astonishment (POLA), also known as principle of least surprise, [a] proposes that a component of a system should behave in a way that most users will expect it to behave, and therefore not astonish or surprise users. The following is a corollary of the principle: "If a ...
The word nikoli, when stressed on the second syllable, means "never", when stressed on the first it is the locative case of Nikola, i.e. Nicholas; Spanish – cuando las vacas vuelen ("when cows fly") or cuando los chanchos vuelen ("when pigs fly"). Its most common use is in response to an affirmative statement, for example "I saw Mrs. Smith ...
In many applications, objective functions, including loss functions as a particular case, are determined by the problem formulation. In other situations, the decision maker’s preference must be elicited and represented by a scalar-valued function (called also utility function) in a form suitable for optimization — the problem that Ragnar Frisch has highlighted in his Nobel Prize lecture. [4]
Word Probability Likely Expected to happen to more than 50% of subjects Frequent Will probably happen to 10-50% of subjects Occasional Will happen to 1-10% of subjects Rare Will happen to less than 1% of subjects
This is the basis for the least squares estimate, where the regression coefficients are chosen such that the SSR is minimal (i.e. its derivative is zero). Likewise, the sum of absolute errors (SAE) is the sum of the absolute values of the residuals, which is minimized in the least absolute deviations approach to regression.