Examlex
Restaurant owners use value chain analysis when checking the logistics involved with having all the required ingredients for their chefs.
Maximizing
The strategy of seeking the best possible outcome or the highest possible utility when making a decision.
Availability Heuristic
A cognitive bias that causes people to overestimate the probability of events associated with memorable or vivid examples.
Satisficing
A decision-making strategy that entails selecting the first option that meets a minimum set of criteria, rather than optimizing.
Heuristic
Cognitive shortcuts or rules of thumb that simplify decision making, often at the expense of accuracy or completeness.
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