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What Is a Heuristic? Describe Two Common Types of Heuristics

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Essay

What is a heuristic? Describe two common types of heuristics used in organizational decision-making.


Definitions:

Steps

The individual phases or actions taken in a process or procedure to achieve a particular end result.

Methodology

A system of methods used in a particular area of study or activity, often implying a structured or systematic approach.

Flexible Global Supply Chain

A supply chain designed to swiftly adjust to changes in demand, supply, and market conditions worldwide.

Demand Uncertainty

The unpredictability of consumer demand for a product or service, making planning and forecasting challenging.

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