Means-Ends Analysis Is a Good Problem-Solving Heuristic to Use When

question 50

Multiple Choice

Means-ends analysis is a good problem-solving heuristic to use when:

• A)there are numerous options at the start of a problem, but there will be few options at the end
• B)both the starting point and the ending point for the problem are poorly defined
• C)the problem can be broken down into a series of subproblems or subgoals
• D)all the other heuristics have failed to produce workable solutions

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Definitions:

Perfect Information

A situation in decision making where all parties have full and equal knowledge of all relevant facts and outcomes.

Certainty

Absolute confidence in the accuracy or outcome of an event, often not attainable in statistical measurements.

Expected Profit

Expected profit is the anticipated financial gain from an investment or business activity, accounting for various factors such as costs and market conditions.

Expected Payoff

The predicted value or return of an investment or decision under uncertainty, calculated as a weighted average of all possible outcomes.