It Is Vital for a Business Strategist to Distinguish Between

question 18

True/False

It is vital for a business strategist to distinguish between a firm's resources and its capabilities.

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Definitions:

Confirmation Bias

A tendency to search for information that supports our preconceptions and to ignore or distort contradictory evidence.

Framing Effect

The tendency of people to react differently to a particular choice or situation depending on how it is presented.

Heuristics

Mental shortcuts or "rules of thumb" that simplify decision-making processes, often used to make quick, efficient judgments.

Algorithms

Step-by-step procedures or formulas for solving problems, typically implemented by computers.