Rules of Thumb That Do Not Guarantee a Solution but May

question 24

Multiple Choice

Rules of thumb that do not guarantee a solution but may help bring one within reach are called ________.

• A) algorithms
• B) functional sets
• C) heuristics
• D) problem states

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Definitions:

Virtual Companies

Companies that rely on a variety of supplier relationships to provide services on demand. Also known as hollow corporations or network companies.

Few Suppliers

Refers to a market situation where only a limited number of vendors provide a certain product or service, potentially leading to less competition and higher prices.

JIT Systems

Inventory management systems that seek to minimize inventory levels by scheduling material arrivals only when they are needed in the manufacturing process.

Environmental Risk

The potential for environmental damage or adverse health effects resulting from exposure to environmental hazards or pollutants.