Heuristics Are Strategies That

question 71

Multiple Choice

Heuristics are strategies that

• A)sometimes risk error in order to gain efficiency.
• B)are underused,despite their advantages.
• C)protect us from overestimating the frequency of real-life events.
• D)ensure step-by-step procedures for finding correct conclusions.

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Definitions:

Storage

The act of keeping or placing goods or data in a designated space for future use or retrieval.

Small Business

A business is generally considered small if it is independently owned, operated, and financed; has fewer than 100 employees; and has relatively little impact on its industry.

Purchasing Priority

The practice of prioritizing procurement activities based on factors such as urgency, price, or importance to the business.

Holding Costs

Expenses related to keeping inventory on hand.