An Appealing Alternative to Using "Rules of Thumb" and "Gut

question 32

Multiple Choice

An appealing alternative to using "rules of thumb" and "gut feelings" in formulating business strategies includes:

• A) not deviating from the firm's previously established practices.
• B) being an early adopter of business strategies of industry leaders.
• C) business strategies justified from evidence-based business analytics.
• D) None of these choices are correct.

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Definitions:

Technological Progress

Advances in technology that improve the efficiency of production processes, potentially leading to economic growth.

Labor-Saving

Technologies or methods that decrease the amount of labor required to produce goods or services, thereby increasing productivity.

Output Per Worker

The quantity of goods and services produced per unit of labor.

Profit-Maximizing

The process by which a company determines the price and output level that returns the greatest profit.