Because a Budget Is Merely a Forecast of Future Events,its

question 71

True/False

Because a budget is merely a forecast of future events,its benefits are extremely narrow and limited.

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Definitions:

Algorithm

An algorithm is a specific, step-by-step procedure for solving a problem or accomplishing some end, typically by a computer.

Heuristic

A problem-solving approach that employs a practical method not guaranteed to be perfect, but sufficient for reaching an immediate goal.

Fixedness

A cognitive bias that limits a person to using an object only in the way it is traditionally used, hindering problem-solving and creativity.

Representativeness Heuristic

A mental shortcut that involves making a probability judgment by comparing an object or event to a prototype of the object or event.