Define the Concept of Heuristics

question 53

Essay

Define the concept of heuristics.In addition,define availability heuristic and representative heuristic and give an example of each type of heuristic.

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Definitions:

Raw Materials

The basic material from which a product is made, typically used in the manufacturing or production process.

Indirect Cost

Expenses not directly linked to the production of goods or services, such as rent, utilities, and administrative salaries.

Cost Object

Anything for which cost data are desired. Examples of cost objects are products, customers, jobs, and parts of the organization such as departments or divisions.

traceability Of Costs

The ability to assign direct costs to specific cost objects and to allocate indirect costs accurately.