Examlex
Horizontal diversification occurs when a firm enters an industry that lacks any important similarities with the firm's existing industry or industries.
Repetitive Procedure
A method or operation that is carried out repeatedly to test the consistency and reliability of results.
Satisficing
A decision-making strategy that aims for a satisfactory or adequate solution, rather than the optimal one.
Availability Heuristic
A mental shortcut that relies on immediate examples that come to a person's mind when evaluating a specific topic, concept, method, or decision.
Representative Heuristic
A cognitive shortcut that involves judging the probability of an event by its resemblance to a prototype or typical example, potentially leading to biases in decision-making.
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