Nonroutine Decisions Made in Response to Novel Situations in Business

question 18

Multiple Choice

Nonroutine decisions made in response to novel situations in business are known as:

• A)Intuitive decisions
• B)Creative decisions
• C)Programmed decisions
• D)Heuristic decisions
• E)Nonprogrammed decisions

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Definitions:

Average Time

The mean value that represents the central tendency of a set of times, often used to summarize the typical amount of time required for a process.

Utilization Factor

A measure that assesses how effectively a production resource is used, typically comparing actual output to maximum possible output.

Poisson Distribution

A statistical probability distribution that expresses the probability of a given number of events occurring in a fixed interval of time or space when these events occur with a known constant mean rate and independently of the time since the last event.

Negative Exponential Distribution

A probability distribution used to model time between independent events that occur at a constant average rate.