The ________ Is the Tendency for People to Predict the Likelihood

question 137

Multiple Choice

The ________ is the tendency for people to predict the likelihood of an event based on the extent to which the event is typical of similar past events.

• A) anchoring and adjusting heuristic
• B) availability heuristic
• C) representative heuristic
• D) base rate heuristic

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Definitions:

In-house Methods

Techniques or processes that are conducted within an organization by its own staff rather than being outsourced to external entities.

Compensation Data

Information regarding the range of pay rates, salaries, and benefits offered to employees in various positions within an industry.

Labour Exceeds

This phrase might refer to situations where the available workforce or effort put into a task surpasses what is necessary or expected, potentially leading to inefficiencies.

Informal Surveys

Non-structured methods of gathering data or feedback, often used for quick or preliminary assessments.