In Problem Solving, the Term Rule of Thumb Refers to

question 80

Multiple Choice

In problem solving, the term rule of thumb refers to

• A) heuristics.
• B) algorithms.
• C) mnemonic devices.
• D) cognitive shortcuts.
• E) representativeness biases.

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Definitions:

Capital Investment Proposals

Suggestions for strategic investments in long-term assets, projects, or ventures aimed at enhancing a company's growth and profitability.

Fixed Asset

Long-term tangible property that a firm owns and uses in its operations to generate income, not expected to be consumed or converted into cash in the short term.

Useful Life

An estimate of the lifespan of an asset during which it is expected to remain productive or useful for the purposes it was acquired.

Residual Value

The estimated value that an asset is expected to have at the end of its useful life, after depreciation has been taken into account.