Examlex
One of the daily, delicate balancing acts that logistics managers have to perform involves the trade-off between customer satisfaction and cost to serve.
Overconfident
A psychological state characterized by an individual's unwarranted belief in their own abilities or the accuracy of their knowledge, often leading to risk-taking behaviors.
Base-Rate Information
Statistical information about the frequency of events or characteristics within a given population.
Availability Heuristic
An intuitive leap based on readily recalled examples when considering a particular subject, notion, approach, or judgment.
Representativeness Heuristic
The representativeness heuristic is a cognitive bias in which an individual categorizes a situation based on how similar the aspects are to the prototypes the person holds in their mind.
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