What does $N=max\{N', N_0\}$ mean?

Question

How would you read the following and what does it mean?

$$N=max\{N', N_0\}$$

Answer 1

Here's how I would read it in context:

"Let $N$ be the maximum of $N'$ and $N_0$."

Sometimes, I say "Let $N$ be the larger of $N'$ and $N_0$," or even better, "Let $N$ be the larger of the two."