Examlex
What enables an organization to react more quickly to resolve supply chain issues?
Representativeness Heuristic
A mental shortcut used to make decisions or judgments by comparing information to our mental prototypes and stereotypes.
Anchoring and Adjustment Heuristic
A cognitive bias where an individual relies too heavily on an initial piece of information (anchor) when making decisions, with insufficient adjustments made thereafter.
Gambler's Fallacy
The erroneous belief that if something happens more frequently than normal during a given period, it will happen less frequently in the future, or vice versa.
Coin Flip
A method of making a decision or selecting between two options by tossing a coin and observing which side lands facing up.
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