Information content of a random variable Random variable x Outcome of a random experiment Discrete R V takes on values from a finite set of possible outcomes PMF: P(X=y)=Py) How much information is contained in the event X=y? Will the sun rise today Revealing the outcome of this experiment provides no information Will the Celtics win the NBa championship? Since this is unlikely, revealing yes provides more information than revealing Events that are less likely contain more information than likely events
Personnel Personnel management has been neglected in the past; but now more and more hotels have realized its importance, owing to the following 2 factors: 1. the trend to chain operation has swallowed up many of the independent hotels, and a chain operation can well afford personnel specialists
Marciano Siniscalchi October 28, 1999 Introduction [Again, by and large, I will follow OR, Chap. 8, so will keep these notes to a minimum.] Review of key definitions Recall our three payoff aggregation criteria: discounting, i.e
Lesson 2: Economic Transactions and Accounting Equation Learning objectives This lesson begins with a discussion of the purpose of a business, including a discussion of forms of organizations. Next, the nature of business operations is discussed. The four types of businesses are discussed: service, merchandising, manufacturing, and financial services. It also
