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Parallel Enterprises has collected the following data on one of its products. During the period the company produced 25,000 units. The direct materials price variance is:
Algorithm
A step-by-step procedure for calculations, data processing, and automated reasoning tasks.
Representativeness Heuristic
A cognitive shortcut where people categorize situations or individuals based on how similar they are to typical cases or categories they know.
Prototypes
Original models or first forms from which subsequent forms are derived or developed; in psychology, widely accepted examples of a certain category.
Heuristic
A mental shortcut or rule of thumb that simplifies decision-making but may not always lead to optimal outcomes.
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